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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News Network
May 19,2020

Dubai, May 19: In a heart-warming decision to reunite families that have been split by anti-Covid travel restrictions, the UAE has announced that residents with valid visas stranded outside the country can return from June 1.

The Ministry of Foreign Affairs and International Cooperation and the Federal Authority for Identity and Citizenship said they will begin the process on Monday, June 1, by allowing the return of those residency holders currently stranded outside the country who have relatives in the UAE. Residents who meet this criteria must apply for a Resident Entry Permit on smartservices.ica.gov.ae.

The ministry and the authority said the decision was taken to reunite families that have been affected by the anti-coronavirus measures taken due to the exceptional circumstances.

"The UAE is keen to facilitate the procedures for holders of UAE residency visas who are stuck outside the country and reunite them with their families who were affected by the precautionary measures taken by the country in light of the current exceptional circumstances to combat Covid-19," the federal authorities were quoted by state news agency Wam.

Hundreds of UAE residents are currently stuck abroad and are separated from their families due to the unexpected freeze on air travel imposed by many countries as precautionary measures to curb the spread of coronavirus.

The #BringBackUAEresidents hashtag was trending on Twitter on Monday as several residents and families requested the government to expedite their return to the UAE.

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Saudi Gazette
June 2,2020

Abu Dhabi, Jun 2: The United Arab Emirates on Monday recorded 635 new coronavirus cases, taking the total number of infections in the country to 35,192, the UAE’s Ministry of Health and Prevention said in a statement carried by state news agency WAM.

The new cases were detected after the health authorities conducted 30,147 additional COVID-19 tests citizens and residents.

The ministry also announced that 406 more patients have fully recovered after receiving the necessary medical care, raising the total number of recoveries in the country to 18,338.

The announcement was made during the regular media briefing held in Abu Dhabi, wherein Dr. Amna Al Dahak Al Shamsi, official spokesperson for the UAE government, provided an update on coronavirus-related developments and measures taken to mitigate its impact.

During the briefing, Dr. Al Shamsi also announced the death of two patients from COVID-19, taking the total number of deaths in the country to 266.

"The number of COVID-19 cases still receiving treatment now stands at 16,588 from different nationalities," she added, noting that more than 650,000 COVID-19 tests have been conducted over the past two weeks.

"Since the onset of the crisis, the UAE has focused on select segments of society, primarily the elderly and patients with chronic diseases, in order to ensure they survive the crisis," she added.

"We believe it is particularly morally important to support and stand by them, provide them with their daily needs, and keep them from harm’s way," she added.

Dr. Al Shamsi asserted that all precautionary measures announced, including the updated fines and penalties, will be enforced against violators, including citizens and residents.

"The law does not differentiate between citizens and residents. We are living in one homeland, which is for all of us," she continued.

"Your safety and health are a priority. We must comply with all precautionary measures. Though restrictions have been relaxed, caution must continue to be exercised."

Dr. Al Shamsi also warned, "Recklessness may undermine the efforts made by our frontline defenders. It is the responsibility of every individual to support protective efforts to ensure the safety of all."

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News Network
May 3,2020

Dubai, May 3: Over 150,000 Indians in the UAE, who wish to return home amid the coronavirus lockdown, have applied through the online registration process to the Indian missions here, according to media reports.

The Indian missions in the country last week opened online registration for the expatriates who wish to fly back home after getting stuck in the country amidst the lockdown due to the coronavirus pandemic.

As of 6 pm on Saturday, we received more than 150,000 registrations, Consul General of India in Dubai Vipul told the Gulf News on Saturday.

A quarter of them want to return to their homeland after losing their jobs, he said.

According to a report in the Khaleej Times on Sunday, about 40 per cent of the applicants who have registered are blue-collared workers and 20 per cent are working professionals.

"Roughly 20 per cent have suffered job losses and about 55 per cent of the total applicants are from Kerala," Neeraj Aggarwal, Consul, Press, Information, Culture was quoted as saying in the report.

Aggarwal said that the figures would change as they are expecting registrations from workers from other states, including Telangana, Uttar Pradesh, and Bihar.

About 10 per cent of the applicants are visit and tourist visa holders who got stranded here due to the ongoing lockdown in India.

India extended the ongoing lockdown by two weeks from May 4 to contain the spread of the coronavirus that has affected nearly 40,000 people in the country.

Aggarwal said that a small number of the applications constitute those from pregnant women and other medical cases.

Since the online registration process was launched, the Consulate's website crashed several times due to the heavy rush of applicants wishing to register to fly back home.

The site has been working fine now though it took a lot of time for it to stabilise in the initial phase due to the heavy traffic, the counsel general said.

He said that the missions here have not yet received any information from the Indian government about the mode of transport of the stranded citizens, the prices of the tickets or how the COVID-19 test results of applicants would be assessed for their journey.

There are high-level discussions going on regarding these things, he said in the report.

Meanwhile, Norka (The Non Resident Keralites Affairs) said it has received a total of 398,000 applications from Keralites across the globe who wish to return home.

"Of which, the highest numbers are from the UAE. At least 175,423 applicants have signed up from the UAE," Norka said in an official statement on Saturday.

It also received 54,305 registrations from Saudi Arabia, 2,437 from the UK, 2,255 from the US, and 1,958 from Ukraine from those who wish to return to India, the Khaleej Times reported.

The coronavirus has infected 13,599 people and claimed 119 lives in the UAE, the Ministry of Health and Prevention said on Saturday.

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