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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
May 24,2020

Abu Dhabi: A senior Hindi teacher at Sunrise School in Abu Dhabi has died of coronavirus, it has been confirmed. Anil Kumar, 50, passed away on Sunday morning, May 24.

The sad and shocking demise of Mr Kumar, a senior Hindi teacher of Sunrise School on May 24, has left the entire Sunrise family in a pall of gloom, read a statement.

“The management, administrators, other faculty members, students and the school as a whole is struck with intense sorrow and is speechless.

“The bond that he had developed over the years, just as how we have with each faculty, makes the loss unbearable. The entire SEPS family is shaken and finds it hard to come to terms with this most saddening news.

“Anil Kumar was a very inspiring teacher. He always brought a creative aspect to the classes he handled and would make it an enjoyable class to attend to. Mr. Anil Kumar had a great way of motivating his students to do their best, and pushed them to be the best they could be. He was a great strength and support to the Department of Hindi, always willing to scaffold and mentor students and teachers. He was a very approachable man, warm and friendly at heart and that is something I will truly miss about Mr. Anil.

“Mr Anil Kumar has left behind his wife and two children. Mrs. Rajini, his wife is also a member of the school family. She is a faculty of the maths department. Our prayers and sincere condolences to each and every one of the family. May God give the strength to endure and face this most challenging phase of their life.”

It is learnt Mr Kumar fell ill with COVID-19 and had been in hospital since May 7.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 25,2020

Riyadh, Apr 25: Saudi Arabia announced nine deaths and 1,197 new cases of the COVID-19 virus on Saturday.

Of these cases, 120 were recorded in Madinah, 364 in Makkah, 271 in Jeddah, 170 in Riyadh and 43 in Dammam.

The number of people who had recovered from the coronavirus in the Kingdom increased to 2,214 after 165 patients were reported to have recovered.

A total of 136 people have died of the disease in the Kingdom so far.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 16,2020

Dubai, Apr 16: Most of the patients who have fully recovered from Covid-19 in the UAE followed healthy behaviours that helped strengthen their immune systems, said Dr Farida Al Hosani, Official Spokesperson for the UAE Health Sector.

Dr Al Hosani made the remarks during the UAE Government's regular briefing on the latest developments related to the spread of coronavirus in the country, which was held on Wednesday in Abu Dhabi.

During the briefing, Dr Al Hosani spoke about the precautionary measures that aimed to prevent the spread of the virus.

Ammar Al Muaini, Official Spokesperson of the National Programme for Happiness and Quality of Life, also explained the outcomes of the National Mental Health Programme.

During the briefing, Dr Al Hosani affirmed that recorded cases in the country, especially recoveries, were related to key factors and reasons.

"In most cases of recoveries, we noticed that they have followed several daily health behaviours, such as doing exercise, eating a healthy diet, strengthening the immune system, and maintaining an ideal weight, as well as abstaining from bad habits, such as smoking and unhealthy eating. The psychological aspect is also important, and it is necessary to support the mental health of individuals, along with their physical health," she said.

"These practices, which we always emphasise and promote, will help raise a person's immunity and resistance to diseases, in addition to medicines, and can speed up the process of recovering from disease," she added.

Dr Al Hosani also talked about the importance of not being complacent if one's temperature rises. "We highlight the importance of periodic temperature checks for family members at home. This step is one of the health measures that we are encouraging.

"Everyone who has a high temperature must contact the nearest health centre or hospital or go to a drive-through testing centre because personal health is linked to the health of those around us and we are responsible for it. There is no room for hesitation in protecting our families," she stressed.

Dr Al Hosani highlighted the importance of covering the nose and mouth, whether by wearing surgical, paper or cloth masks, or any other covering or clothing.

"This procedure is important for everyone leaving home to avoiding the transmission of any infection and preserving the safety of everyone, along with leaving a safe physical distance between people in public places, markets and workplaces, and following the precautions," she explained.

Regarding high temperatures and their relationship to the coronavirus, Dr. Al Hosani said: "All studies that attempt to understand the relationship between the virus and climate have not been able to confirm that higher temperatures will help kill the virus. We are continuing to monitor the results of these studies."

Al Muaini explained the details and developments of the national campaign, titled, 'Don't Worry,' which aims to support the mental health of community members.

"The UAE Government, represented by the National Programme for Happiness and Quality of Life, has launched, under the current circumstances, the national campaign, titled, 'Don't Worry,' that aims to provide psychological support to members of society facing the repercussions of the novel coronavirus, in line with relevant national efforts," Al Muaini said.

"The campaign reflects the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, affirming that quality of life is a high priority, and health is the most important pillar of quality of human and society," Al Muaini added.

Al Muaini stated that the phrase, 'Don't Worry,' is profound in its meaning, according to His Highness Sheikh Mohamed bin Zayed, and reassures everyone that everything will be fine. "Today, the concept of health is not limited to physical health, but it also includes mental health. During this period, and due to the social, professional, and educational changes that directly affect our lives, we need to support and enhance our mental health to overcome these challenges," he  added.

Al Muaini said that over 50 specialists, psychologists and social workers are voluntarily participating in the national campaign to serve the country, which includes three main components focusing on providing psychological support to all members of society, especially as this type of support is one of the necessary community needs during the current circumstances.

The first component, 'Let's Support Together,' aims to answer enquiries regarding psychological challenges, provide educational advice, and support individuals in facing challenges, through daily live broadcasts on the social media networks of the National Programme for Happiness and Quality of Life, @HappyUAE. Two events are broadcast every day, with the first being at 17:30 in English and the second at 20:30 in Arabic to benefit all segments of society.

Al Muaini explained that the number of live broadcasts on the programme's social media accounts has reached 30 and covers various topics, including psychological care for senior citizens, psychological care for children, psychological support for working mothers, and how to address anxiety and psychological concerns.

According to scientific studies, fear and anxiety are among the strongest influences that weaken human immunity, and, therefore, it is necessary to learn about how to deal with them. The duration of each broadcast is one hour, attracting some 250,000 views each.

Al Muaini explained that the second component of the campaign is the hosting of closed virtual sessions, entitled, 'Let's Talk Together,' which aim to provide psychosocial support to specific groups of society, to enable them to talk to each other in a safe environment to discuss the psychological challenges they are facing.

The programme has organised over eight closed psychological support sessions to maintain the privacy of participants, under the supervision of certified physicians and psychologists. Some 300 people have participated and some sessions were held for those under quarantine, including working mothers, school and university students, and doctors working in the first line of defence.

Some 300,000 people watched "Let's Reassure Each Other" programme Al Muaini noted that the third component of the campaign, titled, "Let's Reassure Each Other," focuses on raising awareness of the importance of psychological resilience and promoting its importance to society. The programme has so far posted more than 21 video clips containing messages of support and reassurance to the community.

The number of people who watched the programme reached some 300,000 viewers.

Al Muaini stressed that the campaign is an effective interactive platform available on a daily basis, to provide psychological support to all segments of society at a time when people require reassurance and psychological support to overcome the current crisis. The campaign hosted doctors working in the first line of defence and their enquiries were answered directly. A group of people under quarantine was also involved in the closed support sessions, which were also popular with participating doctors.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.