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
April 27,2020

Dubai, Apr 27: Saudi Arabia has reported 1,289 new Covid-19 cases on April 27, its Ministry of Health tweeted.

Of the newly diagnosed cases, Jeddah recorded 294 infections, followed by Makkah (218) and Madinah (202).

The ministry also confirmed five additional coronavirus-induced deaths, spiking the total death toll to 144.

2,507 people are talking about this
Since the outbreak of the virus strain in the Chinese city of Wuhan late last year, Saudi Arabia has reported a total of 18,811 Covid-19 infections.

As many as 2,531 patients have till now recovered from the virus.

Oman
The sultanate registered 51 new Covid-19 cases on April 27, including 37 nationals and 14 expatriates, spiking the total number of infections to 2,049, Oman News Agency tweeted.

Meanwhile, 10 coronavirus-related deaths have been confirmed in the country.

Qatar
The Ministry of Public Health has reported 957 Covid-19 cases among the 3,420 people tested in the last 24 hours.

As many as 85,709 people have been tested for the virus across the country.

The total number of Covid-19 infections since the outbreak has now risen to 11,244.

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News Network
July 23,2020

Beirut, Jul 23: The pandemic will exact a heavy toll on Arab countries, causing an economic contraction of 5.7% this year, pushing millions into poverty and compounding the suffering of those affected by armed conflict, a U.N. report said Thursday.

The U.N.'s Economic and Social Commission for Western Asia expects some Arab economies to shrink by up to 13%, amounting to an overall loss for the region of $152 billion.

Another 14.3 million people are expected to be pushed into poverty, raising the total number to 115 million — a quarter of the total Arab population, it said. More than 55 million people in the region relied on humanitarian aid before the COVID-19 crisis, including 26 million who were forcibly displaced.

Arab countries moved quickly to contain the virus in March by imposing stay-at-home orders, restricting travel and banning large gatherings, including religious pilgrimages.

Arab countries as a whole have reported more than 830,000 cases and at least 14,717 deaths. That equates to an infection rate of 1.9 per 1,000 people and 17.6 deaths per 1,000 cases, less than half the global average of 42.6 deaths, according to the U.N.

But the restrictions exacted a heavy economic toll, and authorities have been forced to ease them in recent weeks. That has led to a surge in cases in some countries, including Lebanon, Iraq and the Palestinian territories.

Wealthy Gulf countries were hit by the pandemic at a time of low oil prices, putting added strain on already overstretched budgets. Middle-income countries like Jordan and Egypt have seen tourism vanish overnight and a drop in remittances from citizens working abroad.

War-torn Libya and Syria have thus far reported relatively small outbreaks. But in Yemen, where five years of civil war had already generated the world's worst humanitarian crisis, the virus is running rampant in the government-controlled south while rebels in the north conceal its toll.

Rola Dashti, the head of the U.N. commission, said Arab countries need to “turn this crisis into an opportunity” and address longstanding issues, including weak public institutions, economic inequality and over-reliance on fossil fuels.

“We need to invest in survival, survival of people and survival of businesses,” she said.

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Agencies
June 28,2020

Kuwait, Jun 28: Measures imposed to curb the spread of the novel coronavirus in Kuwait are believed to have increased suicide cases in the country, according to a media report.

Forty suicide cases and 15 failed attempts, mainly among Asian expatriates, have been recorded in Kuwait since late February, Gulf News quoted the Al Qabas newspaper report, citing sources as saying on Saturday.

Investigations into the majority of cases have revealed that those who committed suicide had experienced psychological and economic troubles due to dire financial circumstances after their employers stopped to pay them as a result of economic fallout from the coronavirus-related measures.

In one case, an expat livestreamed his suicide while chatting with his fiancee on a social networking platform, the newspaper report said.

Suicide cases have increased by around 40 per cent since the start of the COVID-19 crisis, according to the sources.

Some 70 to 80 suicide cases are recorded annually in Kuwait. Last year, they reached 80 suicides against 77 in 2018.

"Suicide cases have started to go up in Kuwait during the coronavirus pandemic due to fear, anxiety, isolation and instability experienced by people and absence of daily aims that could help the person to spend time regularly as before," the newspaper quoted social psychology consultant Samira Al Dosari as saying.

Uncertainty for some expatriates, whose countries have refused to take them in, is another motive for attempting suicide, according to Jamil Al Muri, a sociology professor at the Kuwait University.

"This is in addition to greed of the iqamat traders, who have brought into the country workers in names of phantom companies and abandoned them on the streets," he added.

Starting from Tuesday, Kuwait will embark on the second phase of a stepwise plan to bring life to normal, Gulf News reportd.

According to Phase 2, a nationwide night-time curfew will be reduced by one hour to run daily from 8 p.m. until 5 a.m. for three weeks.

Kuwait has so far reported 44,391 COVID-19 cases, with 344 deaths.

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Angry indian
 - 
Tuesday, 30 Jun 2020

YA ALLah save all dispressed people in the earth..

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