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 25,2024

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Hezbollah has launched a ballistic missile at Tel Aviv for the first time, triggering sirens in the city and elsewhere including Netanya, the Lebanese resistance group says. 

Warning sirens sounded in Israel’s economic capital Tel Aviv as a single surface-to-surface missile was intercepted by air defense systems after it was detected crossing from Lebanon, the Israeli military said.

There were no reports of damage or casualties and the military said there was no change to civil defense instructions for central Israel.

The Israeli military said that for the "first time ever" a missile fired by Hezbollah reached the Tel Aviv area. "It is the first time ever a Hezbollah missile reached Tel Aviv area."

Hezbollah and Israel have been exchanging deadly fire since early October last year, shortly after the regime launched a genocidal war against the Gaza Strip following a surprise operation by Hamas.

Earlier, Hezbollah targeted the Israeli Ilaniya military base at the northern side of the occupied territories with a salvo of Fadi-1 rockets. 

The base is reportedly affiliated with the 146th Reserve Division of the Israeli military, which is part of the Northern Command.

The group announced in a brief statement that the operation was carried out in defense of Lebanon and its people. 

Hezbollah also said it targeted a military base near Safad twice with salvos of rockets.

The group stated that it targeted “the Dado base near Safad – the headquarters of the Israeli military’s Northern Command – with a total of 90 rockets in defense of Lebanon and its people.”

Hezbollah said in a separate statement that it unleashed a squadron of attack drones on the headquarters of the Israeli army’s Special Naval Task Force at the Alit Base.

The group said the attack on the Alit base, south of the major port city of Haifa, targeted “the locations of [Israeli] officers and soldiers” and achieved direct hits.

The Lebanese resistance movement has vowed to keep up its retaliatory attacks as long as the Israeli regime continues its Gaza war, which has so far killed at least 41,467 Palestinians, mostly women and children.

Hezbollah officials have repeatedly said they do not want a war with Israel while stressing that they are prepared in case it occurs.

Two Israeli wars waged against Lebanon in 2000 and 2006 were met with strong resistance from Hezbollah, resulting in the retreat of the regime in both conflicts.

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News Network
October 1,2024

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The Israeli regime has conducted a series of deadly airstrikes on the Syrian capital of Damascus, with Syrian media reporting three rounds of strikes in the capital area in one night.

An Israeli aircraft launched several missiles from the occupied Golan Heights on Tuesday, targeting locations southwest of Damascus.

Syrian air defenses successfully intercepted many of these missiles, according to the Syrian state media.

According to the Syrian military, the Israeli aggression led to the martyrdom of three civilians, the injury of nine others, and significant damage to private property.

The Al Mayadeen news outlet reports that local journalist Safaa Ahmad was among those killed in the attack, which hit the Mezzeh neighborhood in the Syrian capital. Rescue crews are dealing with fires on the ground.

Syrian television said one of its anchors was killed in the Israeli strike on Damascus on Tuesday.

State television said in a statement that it "mourns anchor Safaa Ahmad who was martyred in the Israeli aggression on the capital Damascus."

The official SANA news agency earlier said "air defense systems are intercepting hostile targets for the third time tonight in the Damascus area," using a phrase that usually refers to Israeli aggression.

Subsequently, another wave of attacks was aimed at the suburbs of Damascus which was intercepted by air defenses.

Syria has consistently called on the UN Security Council to take action against these assaults, which it views as clear violations of its sovereignty and territorial integrity.

Israel frequently targets military positions inside Syria, especially those of the Lebanese resistance movement Hezbollah which has played a key role in helping the Syrian army in its fight against foreign-backed terrorists.

The Tel Aviv regime rarely comments on its attacks on Syrian territories, which many see as a knee-jerk reaction to the Syrian government’s phenomenal success in confronting and decimating terrorism.

Damascus has time and again called on the UN Security Council to put an end to the regime’s attacks that violate Syria’s sovereignty and territorial integrity.

The Israeli attacks on Syria come amid the regime’s ongoing genocide in the Gaza Strip which has killed more than 41,600 people, mostly women and children, over the past year.

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News Network
September 28,2024

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A new wave of Israeli airstrikes have reportedly hit the Dahiyeh area in the south of Lebanon’s capital Beirut, which had come under deadly aerial attacks by the regime just hours earlier.

The strikes targeted several buildings in the al-Hadath and Laylaki neighborhoods in the area on Saturday.

Shortly afterwards, reports pointed to “a third wave of strikes” on al-Hadath as well as strikes against Choueifat, another southern Beirut suburb, with subsequent accounts putting the total number of the attacks at more than 30.

The Israeli military claimed that it was conducting strikes targeting “weapons belonging to Hezbollah…that were stored beneath civilian buildings” in southern Beirut.

Hezbollah's Media Relations’ Office, however, asserted, “The enemy's claims about the presence of weapons or weapons depots in the civilian buildings targeted by the bombing in the southern suburb are false.”

Simultaneous Israeli airstrikes targeted areas near the city of Tyre in southern Lebanon, including al-Bass, Burj al-Shamali, and al-Maashouq.

Also on Saturday, the United Nations humanitarian coordinator in Lebanon warned that the country was facing bloodshed not seen in decades, and that the crisis could deteriorate even further.

"The recent escalations in Lebanon are nothing short of catastrophic,” Imran Riza said. “We are witnessing the deadliest period in Lebanon in a generation, and many express their fear that this is just the beginning.”

On Friday, Israeli warplanes struck at least six residential structures in Dahiyeh's Haret Hreik neighborhood, killing at least eight people and wounding some 80 others.

The attacks came as part of the regime’s escalation against Lebanon that has been targeting the country since October 7, when Tel Aviv launched a genocidal war on the Gaza Strip.

The escalation has taken a deadlier turn since Monday, claiming the lives of more than 700 people across the country.

Hezbollah has been responding to the aggression with numerous retaliatory operations targeting the occupied Palestinian territories.

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