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
March 23,2020

Riyadh, Mar 23: King Salman on Sunday issued an order imposing a curfew across Saudi Arabia from Monday evening to control the spread of the COVID-19 disease.

A royal court statement carried by the Saudi Press Agency (SPA) said the curfew will start at 7 p.m. until 6 a.m. every day for 21 days from the evening of 28 Rajab 1441 in the Hijri calendar, equivalent to March 23, 2020 in the Gregorian calendar.

King Salman's order followed an announcement by the Health Ministry of 119 new coronavirus cases on Sunday, raising the total number in the Kingdom to 511.

The order enjoins citizens and residents alike to stay in their homes during the curfew hours for their own safety.

The statement said the Ministry of Interior will undertake the necessary measures to implement the curfew, and all civil and military authorities are ordered to cooperate fully.

Exclusions

A subsequent statement issued by the Ministry of Interior and carried by SPA said those excluded from the curfew are workers from the following vital industries and government services:

• Food sector (points of sale) such as catering and supermarkets And poultry and vegetable shops, meat, bakeries, food factories and laboratories;

• Health sector, such as pharmacies and the like, medical clinics (dispensaries), hospitals, laboratories, factories, factories and materials and medical devices;

• Media sector in its various means;

• Transportation sector, such as those transporting goods, parcels, customs clearance, warehouses, warehouses, logistics services, supply chains for the health sector, the food sector, and port operations;

• E-commerce activities such as those working in the electronic procurement applications for the excluded activities and those working in the delivery applications of the excluded activities;

• Accommodation services activities such as hotels and furnished apartments;

• Energy sector such as gas stations and emergency services for the electric company;

• Financial services and insurance sector, such as direct accidents (Najm), urgent health insurance services (approvals), and other insurance services;

• Telecom sector as Internet and communication network operators;

• Water sector, such as the water company emergency services and home drinking water delivery service (graying).

Additional exclusions

The Interior Ministry statement also said movement during the curfew time will be allowed for security, military and health cars, government regulatory services vehicles, and activity vehicles excluded in the vital industries and services mentioned above. 

Delivery services through smart device applications (express delivery services) during the curfew will be allowed for food and drug needs and other essential goods and services that are excluded and delivered to homes. Excluded activities can be known by calling the toll-free number in all regions of the Kingdom 999, except for the Makkah Al-Mukarramah region, which is called at 911.

Muezzins will be allowed to access mosques to lift the call to prayer at the time of the curfew.

Workers in diplomatic missions and international organizations and the like residing in the Diplomatic Quarter will be allowed to move during the curfew period to and from their business headquarters in the neighborhood.

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Agencies
July 22,2020

Dubai, Jul 22: Saudi Arabia's Minister of Haj and Umrah, Dr Muhammad Saleh Benten, has inspected the facilities and arrangement made for the Haj pilgrims in Makkah and the holy sites.

Speaking to the Saudi Press Agency after the tour, the minister said that the Saudi government has worked out unprecedented plans for the running of this year's Haj, enabling pilgrims to perform their rituals in ease and comfort.
 
This year's Haj, which has been scaled back dramatically to include only around 1,000 Muslim pilgrims as Saudi Arabia battles a coronavirus surge, will begin on July 29, authorities said Monday.

"The comprehensive, foolproof plans will be implemented by the security, health and service agencies. The plans include the provision of the best health services, and the most appropriate crowd control, strictly in line with the precautionary measures and preventive protocols, formulated by the Ministry of Health to ensure full safety of pilgrims from the coronavirus pandemic," Dr Benten said.

According to the Saudi Gazette, Benten emphasised the eagerness of the government of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia and Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to implement the Haj operation by following the highest health standards and precautionary measures in order to ensure the safety of the pilgrims.

Earlier, the minister inspected the arrangements and facilities for the reception and accommodation of pilgrims at Four Point Hotel in Makkah.

He was briefed by ministry officials with regard to receiving and accommodating pilgrims during the period from 4 to 8 of Dhul Hijjah before leaving for Mina.

Benten also visited the tents in Arafat and the facilities in Muzdalifah.

After that, his inspection tour visited the tent city of Mina, where he viewed one of the towers designated for the housing of pilgrims. 

According to the Saudi Gazette, he was impressed with the services and facilities being arranged for the accommodation and serving of food for the pilgrims.

To complete his visit, the minister watched a visual presentation of the mechanism for providing logistical services for the pilgrims during their travel from accommodation to Jamarat to undertake the stoning ritual.

Meanwhile, Maj. Gen. Mohammed Bin Wasl Al Ahmadi, assistant commander of the Haj security forces for the Grand Mosque and its premises, said on Tuesday that the security plan for this year's pilgrimage prioritises on organisational, security, humanitarian and health aspects.

He said the Haj security forces have installed entry and exit mechanisms from the Grand Mosque during Haj, with passages for pilgrims extending from the southern and western premises of venue as well as special passages around the circumambulation and Saey areas.

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News Network
May 25,2020

May 25: A total of 241 Indians including 136 people who were jailed in Kuwait would return to the country soon, a senior minister said on Sunday.

The other 105 people were stranded in Bangladesh, Law Minister Ratan Lal Nath said.

"Altogether 136 people from Tripura and Assam, who are at present in jail in Kuwait for violating that country's laws, would be deported. They will reach Guwahati between May 27 and June 4 in a special flight," Nath told reporters.

He said the matter has been officially informed by the Kuwaiti government, but the reason for their imprisonment is not known.

"We had requested the Kuwaiti authorities to drop the Tripura residents here. However, they informed us that the flight would land in a single airport," the minister added.

Nath said 105 residents of Tripura, who are stranded in different places of Bangladesh will return to the state through the Agartala-Akhaura integrated check post on May 28.

"They would be taken to institutional quarantine and swabs of all the passengers would be collected for COVID-19 test," Nath said.

If the report of their samples tests negative, they would be allowed to leave the facility and remain under 14 days of home quarantine. And those who test positive would be hospitalized, he said.

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