Rising gold prices threaten some factories with closure

August 12, 2013

Rising_gold_pricesJeddah, Aug 12: The rising prices of gold during the past two weeks caused stagnation in the Saudi market, and pushed gold merchants to activate sales because factories didn’t halt their production, according to the National Committee for Precious Metals.

The price of the precious metal has registered the second weekly decline, while the dollar has recovered from its lowest value since seven weeks ago.

Speculation about the US Federal Reserve to reduce the bonds purchase program with a value of $85 billion a month was triggered by the low price of gold, which reached its lowest levels this week.

“Gold merchants didn’t lose because of the declining world prices, because most of them deal with gold as physical balance, and most merchants have sufficient gold accounts,” said Ahmad Al-Sharif, member of the National Committee for Precious Metals.

Gold prices declined by 0.2 percent, to $1,308 per ounce, and the market is about to close at 0.25 percent. Delayed US gold contracts, which will be delivered in December declined by $2, to $1,307.90 per ounce.

Silver prices stabilized at $20.19 per ounce, while platinum gained 0.1 percent to $1,488 per ounce. Palladium rose 0.1 percent to $736.97 per ounce.

Meanwhile, the National Committee for Precious Metals is attempting to ferret out illegal gold sellers, which had controlled as much as one-quarter of the gold market.

“Workshops have been organized, which held unknown names in the gold trade, or operated from places that didn’t have defined headquarters contained products with ambiguous origins were combated,” said Al-Sharif. “We are working on a mechanism to combat violating workshops, and educate consumers and merchants who deal with such workshops. We advise merchants, and gold market clients to buy gold from approved individuals.”

He pointed to the existence of “workshops alien to the market” that had a large share before prices rose, which control 25 percent of the market.

“After the rising prices a large number of these workshops sold their stocks and changed their activities because they were illegal dealers,” he said. “After strict controls and the correction of labor status these violating workshops will be eliminated, because most of them are illegal workers who practice their business in un licensed areas.”

“At the present time, and because of the strict control of the Passport Department and the Ministry of Labor, these workshops have 10 percent of the market share,” he said.

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Agencies
July 19,2020

Kuwait City, Jul 19: Kuwaiti ruler Sheikh Sabah al-Ahmad al-Jaber al-Sabah has successfully undergone surgery early on Sunday, the emir's office said.

"His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah ... has undergone surgery this morning, with thanks to God for its success," the head of the emir's office Sheikh Ali Jarrah al-Sabah said, as quoted by state news agency KUNA.

The 91-year-old was admitted to hospital for a medical checkup.

Yesterday, a royal order was issued assigning Crown Prince Sheikh Nawaf al-Ahmed al-Sabah, the emir's designated successor, "to take over some constitutional jurisdictions of His Highness the Emir temporarily"

In August 2019, Kuwait acknowledged the emir suffered an unspecified medical "setback" that required him to be hospitalised.

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KT
April 13,2020

Dubai, Apr 13: The UAE Ministry of Health and Prevention (MoHAP) on Monday announced 172 new recoveries in the country, taking the total recoveries to 852 cases.

"With today's 172 cases, the total number of fully recovered Covid-19 patients has become 852, while three residents of different nationalities were declared dead, taking the total number of deaths to 25," Dr Farida Al Hosani, spokeswoman for the ministry, said.

"We have also carried out up to 23,380 new tests on Monday all over the country."

Also read: UAE residency, visit visas valid until end-2020

Dr Hosani said His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has launched the national home-based testing programme for determined people, be they nationals or residents.

"The program, targeting this important segment of the society who have difficulty doing tests outdoors, is part of the national drive-through testing national program."

Addressing some baseless rumours that are viral on social media, Dr Al Hosani confirmed that no one can fix a date for the peak of infected cases.

"So many studies have affirmed that physical distancing is so critical in reducing not only the number of Cobid-19 new cases but also the infection curve."

Dr Al Hosani advised the public to wear gloves whenever they go out. "However, do not touch your personal stuff when wearing gloves, particularly when using your phone, and safely dispose of them."

It is still so critical to clean your hands with water and soap on a regular basis, she underlined. "Cleaning and washing our hands are much better and safer than wearing gloves."

Wearing one-time disposable surgical gloves is highly advisable, she said. "If not available, hand-made cloth masks can be used but need to be cleaned regularly with water and soap."

Masks should be worn properly covering the nose, mouth and the chin, she pointed out. "Do not touch the internal or external parts of the face masks, while the blue colour side must be always outward."

Priority in drive-through tests are given for those with respiratory issues, senior people, and pregnant women, she said in answer to a question raised by media people.

"If you are developing no Covid-19 infection symptoms and just wish to make sure you are sound, you need to book an appointment, be aware that it will cost you Dh370."

"If developing minor symptoms, the public is urged to stay home and call any of these toll-free numbers for help: (800011111), (8001717), (800342)."

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News Network
March 28,2020

Mar 28: Just hours after Prime Minister Narendra Modi spoke to the Abu Dhabi crown prince on the Coronavirus Pandemic, India “thanked the UAE authorities for accommodating the 19 Indian nationals who were stuck at Dubai airport for past several days”.

The Indian mission in Dubai tweeted, “They got stranded due to various restrictions to deal with Covid-19 pandemic. Hotel rooms have been given to them inside the airport. Our Consulate had been in constant touch with the Indian nationals and UAE and Indian authorities. We had also provided some financial help to enable our stranded passengers to buy food. The situation was tough due to the pandemic situation.”

During their conversation last evening, Abu Dhabi crown prince Sheikh Mohammed Bin Zayed Al Nahyan had “assured Prime Minister Narendra Modi about the welfare of the over two million Indians living in UAE and contributing to its economy”. PM Modi “thanked the Crown Prince for his personal attention to the health and safety of Indian expatriates in the present situation”.    

A statement issued late on Thursday night by the MEA said, “The two leaders exchanged information and views on the ongoing COVID-19 pandemic, the situation in their respective countries, as well as the steps being taken by their Governments. They agreed that the next few weeks would be crucial to control the spread of the virus, and required concerted and coordinated efforts by all countries. In this context, they appreciated the organisation of a Virtual Summit among G20 Leaders earlier in the day, to discuss the pandemic.

Both leaders emphasised the importance they attach to the strength and richness of the bilateral relationship. They agreed to maintain regular consultations between their officials in the present situation, particularly to ensure continuity of logistical supply lines.”

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