Rising gold prices threaten some factories with closure

August 12, 2013

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Jeddah, 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
September 29,2024

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Jerusalem, Oct 28: Israel said on Sunday it was carrying out new air raids against civilians and Hezbollah targets in Lebanon, after assassinating resistance group’s leader Hassan Nasrallah.

Hezbollah confirmed on Saturday that its leader Nasrallah was assassinated in an Israeli strike a day earlier on Beirut’s southern suburbs, dealing a massive blow to the group he had led for decades.

Lebanon has declared three days of mourning for Hassan Nasrallah.

The development marks a sharp escalation in nearly a year of tit-for-tat cross-border fire between Hezbollah and Israel, and risks plunging the whole region into a wider war.

Israel continued to pound Lebanon on Sunday, with the ruthless military confirming it attacked dozens of targets in the territory of Lebanon in the last few hours.

The military has attacked hundreds of Hezbollah targets throughout Lebanon since Saturday, it said, as it seeks to disable the group’s military operations and infrastructure.

Israel has raised the prospect of a ground operation against Hezbollah, prompting widespread international concern.

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News Network
October 2,2024

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Israel will launch a “significant retaliation” to Iran’s missile attack within days that could target oil production facilities inside Iran, Axios reports citing Israeli officials.

The Israeli military late on Tuesday said Iran launched around 180 missiles at its territory, most of which were intercepted.

Iranian media carried online footage of what they said were missiles being fired, which the Islamic Revolutionary Guard Corps said were targeting “three military bases” around Tel Aviv and other bases.

The Revolutionary Guards said “90 percent” of the missiles “hit their targets” late Tuesday.

Israeli Prime Minister Benjamin Netanyahu has vowed to hit back following the attack.

“Iran made a big mistake tonight - and it will pay for it,” he said at the outset of an emergency political security cabinet meeting late on Tuesday, according to a statement.

Washington said it would work with longtime ally Israel to ensure Iran faced “severe consequences” for Tuesday’s attack.

US Secretary of Defense Lloyd Austin spoke to Israeli Defense Minister Yoav Gallant late on Tuesday and said Washington was “well-postured” to defend its interests in the Middle East, the Pentagon said in a statement.

“The minister and I expressed mutual appreciation for the coordinated defense of Israel against nearly 200 ballistic missiles launched by Iran and committed to remain in close contact,” Austin said separately in a post on X.

US Navy warships fired about a dozen interceptors against Iranian missiles headed toward Israel, the Pentagon said. Britain said its forces played a part “in attempts to prevent further escalation in the Middle East”, without elaborating.

The Pentagon said Tuesday’s airstrikes by Iran were about twice the size of April’s assault by Iran on Israel.

A painful response

Israel activated air defenses against Iran’s bombardment on Tuesday and most missiles were intercepted “by Israel and a defensive coalition led by the United States,” Israeli Rear Admiral Daniel Hagari said in a video on X, adding: “Iran’s attack is a severe and dangerous escalation.”

Iran’s forces on Tuesday used hypersonic Fattah missiles for the first time, and 90 percent of its missiles successfully hit their targets in Israel, the Revolutionary Guards said.

In a statement on state media, the general staff of Iran’s armed forces said any Israeli response would be met with “vast destruction” of the latter’s infrastructure.

It also said it would target the regional assets of any Israeli ally that got involved.

Fears that Iran and the US could be drawn into a regional war have risen with Israel’s growing assault on Lebanon in the past two weeks, including the start of a ground operation there on Monday, while its conflict in the Gaza Strip is a year old.

US President Joe Biden expressed full US support for Israel and described Iran’s attack as “ineffective.” Vice President Kamala Harris, the Democratic presidential candidate, backed Biden’s stance and said the United States would not hesitate to defend its interests against Iran.

“We will act. Iran will soon feel the consequences of their actions. The response will be painful,” Israel’s UN Ambassador Danny Danon told reporters.

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News Network
October 4,2024

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According to a report, American multinational technology conglomerate Meta is restricting the use of the upside-down red triangle emoji, which has become a broader symbol of Palestinian resistance.

Meta is restricting the emoji on its Facebook, Instagram, and WhatsApp platforms, The Intercept reported on Thursday after reviewing internal content moderation materials.

Since the beginning of Israel’s genocidal war on Gaza, the resistance movement Hamas has regularly released footage of its successful strikes on Israeli military positions with red triangles superimposed above targeted soldiers and armor, the report said.

The use of the red triangle emoji has expanded online since October last year, becoming a widely used icon for people expressing their sentiments in favor of Palestine and against Israel.

Social media users use the emoji in their posts, usernames, and profiles as a badge of solidarity and protest against Israel’s crime against Palestinians.  

The symbol has become so popular that the Israeli military has used it in its own propaganda.

In November, an Israeli military video that warned “Our triangle is stronger than yours, Abu Obeida,” addressing Hamas’s spokesperson, Al Jazeera reported.

Meta, which owns Facebook and Instagram, has determined that the upside-down triangle emoji is a proxy for support for Hamas, according to internal policy guidelines obtained by The Intercept.

Meta is deleting the triangle that may be followed by further disciplinary action from the company depending on how severely it assesses its use.

According to the policy materials, the ban covers contexts in which Meta decides a “user is clearly posting about the conflict and it is reasonable to read the red triangle as a proxy for Hamas and it is being used to glorify, support or represent Hamas’s violence.”

Israel has killed at least 41,700 Palestinians, mostly women and children, in Gaza since October 2023. In Lebanon, the death toll has risen to more than 1,840 with 8,400 wounded.

The Israeli war machine ignited its genocidal campaign by targeting helpless Palestinians trapped in the Gaza Strip in October.

It was after the Palestinian resistance movement Hamas conducted surprise Operation Al-Aqsa Storm against the occupying entity in response to the regime's decades-long campaign of bloodletting and devastation against the Palestinians.

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