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
June 5,2020

New Delhi, Jun 5: As part of global efforts to combat COVID-19, the UAE has provided more than 708 tonnes of medical aid, personal protection kits and supplies to 62 countries, including India, with direct beneficiaries exceeding 708,000 health workers, a UAE Embassy statement said.

The UAE is regarded as the main lifeline for the logistic operations of the international organizations' strategic warehouses in Dubai's International Humanitarian City (IHC) where the UAE is the first responder to the global crises, especially in providing assistance in relation to the current COVID-19 pandemic, it said.

Dubai's IHC has dispatched more than 132 shipments to 98 countries around the world so far since the beginning of this year, and is working as a central hub to distribute the personal protection kits, the statement said.

While the UAE continues its constant work of supporting the global efforts aimed at curbing the spread of the COVID-19 disease, it has provided more than 708 tons of medical aid, personal protection kits and supplies to 62 countries worldwide to date, with direct beneficiaries exceeding 708,000 health workers, it said.

In addition, 65 million indirect beneficiaries profited from the UAE's global efforts in combating the spread of the virus, the statement said.

Meanwhile, Etihad Airways, effective June 10, said it will link 20 cities in Europe, Asia and Australia via Abu Dhabi.

The new transfer services will make it possible for those travelling on the airline's current network of special flights to connect easily through the UAE capital onwards to key global destinations.

Etihad recently launched links from Melbourne and Sydney to London Heathrow, allowing direct transfer connections to and from the UK capital via Abu Dhabi.

Easy transfer connections via Abu Dhabi will now be available from Jakarta, Karachi, Kuala Lumpur, Manila, Melbourne, Seoul, Singapore, Sydney, and Tokyo to major cities across Europe including Amsterdam, Barcelona, Brussels, Dublin, Frankfurt, Geneva, London Heathrow, Madrid, Milan, Paris Charles de Gaulle, and Zurich, the airline said.

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News Network
January 7,2020

Tehran, Jan 7: Iranian state television says 35 people have been killed and 50 others injured in a stampede that erupted at a funeral procession for a general slain in a US airstrike.

The TV says the stampede erupted in Kerman, the hometown of Gen. Qassem Soleimani where the procession was underway on Tuesday.

A procession in Tehran on Monday drew over 1 million people in the Iranian capital, crowding both main thoroughfares and side streets in Tehran.

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Agencies
June 5,2020

Expatriate workers who fail to abide by the coronavirus protocols in Kingdom of Saudi Arabia may face deportation, according to media reports.

“Individuals who fail to abide by preventive measures, including wearing medical or cloth face masks, failing to observe social distancing and refusing to have their temperatures taken, will be fined SR1,000. The fine will be doubled if the violation is repeated. Residents will be deported after paying the fines,” Okaz newspaper said.

Authorities called on people to report offenders by dialling the toll free number 999, except for the holy city of Makka, where the toll free number is 911.

As per the newly-revised Saudi protocols, social gatherings such as mourning or celebration events that take place inside homes, rest houses or farms, are allowed, but attendants should not exceed 50 persons.

The private sector is also required to adhere to precautionary measures: providing their staff with disinfectants and sanitisers, taking the temperatures of both staff and customers at the entrances of shopping malls.

Other measures include sterilising shopping trolleys and baskets after each use, sanitising facilities and surfaces, closing children’s play areas and fitting rooms in shopping malls and ready-wear outlets.

Authorities highlighted the need for all individuals and entities to abide by health safety rules, social-distancing protocol and the new guidelines set for social gatherings.

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