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 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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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 4,2024

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Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei has hailed “the brilliant work of our armed forces” in launching a missile strike on the Tel Aviv area, saying it was “completely legal and legitimate”.

Ayatollah Khamenei delivered a public sermon at the weekly Friday (Jum’a) prayer to a huge number of worshipers gathered at the Imam Khomeini Grand Mosalla mosque in central Tehran.

“The brilliant work of our armed forces was completely legal and legitimate. What our armed forces did was the least punishment for the usurping Zionist regime over the astonishing crimes of this wolf-like regime and rabid dog of America," he said.

Ayatollah Khamenei, “Whatever duty the Islamic Republic has in this regard, it will fulfill with strength and fortitude. We will neither delay nor hurry in carrying out the task."

“What is logical and reasonable and the opinion of the political and military decision makers will be done in the future if necessary just like it was done” on Tuesday, he added.

The prayer in Tehran followed a commemoration ceremony for Hezbollah leader Sayyed Hassan Nasrallah who was assassinated in an Israeli airstrike in Beirut. Ayatollah Khamenei last led Friday prayers in January 2020 after Iran fired missiles at a US army base in Iraq, in response to a strike that martyred anti-terror commander Brigadier General Qassem Soleimani.

Ayatollah Khamenei described Nasrallah "my brother, my dear and my pride, the beloved face of the Islamic world, and the eloquent voice of the nations of the region, [and] the shining jewel of Lebanon".

“I felt it necessary to pay tribute to Mr. Sayyed Hassan Nasrallah (May God bless him and grant him peace) in the Friday prayer in Tehran, and to convey some notifications to everyone,” the Leader said.

“The audience of this sermon is the whole Islamic world, but it is specially addressed to the dear nation of Lebanon and Palestine.

“We are all saddened and mournful for the martyrdom of Dear Sayyed. This is a great loss and we are deeply saddened, but our mourning does not mean depression, distress and despair.

“It is a kind of mourning for the Master of Martyrs Hussein ibn Ali. It is enlivening, instructive, motivating, and hopeful,” the Leader said, referring to Imam Hussein (AS), the third Imam of Shia Muslims.

Ayatollah Khamenei said though Nasrallah's body has left this world, “his true personality, his soul, his way, and his expressive voice are still among us and will be with us forever”.

“He was the high flag of resistance against oppressive and predatory demons - an eloquent voice and a brave defender of the oppressed. He was a source of encouragement and valor for fighters and rights seekers. His popularity and influence had gone beyond Lebanon, Iran and Arab countries, and now his martyrdom will increase this influence.”

Ayatollah Khamenei said all Muslims are bound to “pay their debt to the wounded and bloody Lebanon”.

“Hezbollah and the Martyr Sayyed, by defending Gaza and Jihad for Al-Aqsa Mosque and striking the usurping and tyrannical regime, took a step in the path of vital service to the entire region and the entire Islamic world,” the Leader said.

The relentless defense of the Lebanese people for the Palestinians, he said, is “legal, reasonable, logical and legitimate, and no one has the right to criticize them for entering this battle”.

By the same token, the Al-Aqsa Storm operation of Palestinian fighters inside the Israeli occupied territories in October 2023 was “right and internationally legal”, he added.

“The Palestinian nation has the right to stand against the aggressors, and no court has the right to protest to the Palestinian nation for standing against the usurping enemy of Palestine.”

Ayatollah Khamenei said the adamance of the US and its allies on protecting Israel is a “cover for the deadly policy of turning the usurping regime into their tool to take over all the resources of this region and use it in major global conflicts”.

“Their policy is to turn the regime into a gateway for the export of energy from the region to the Western world and the import of goods and technology from the West to the region.

“This tells us that every attack on the regime by anyone and every group is a service to the entire region and to the entire humanity.

“This Zionist and American dream is definitely a false and impossible fantasy. The regime is the evil tree uprooted from the earth, which according to divine truth has no abode,” he added.

The Zionist regime, the Leader said, has kept itself afloat simply by being injected American support, adding the situation will not last long.

“Today, the Zionist criminal gang itself has come to the conclusion that they will never win over Hamas and Hezbollah."

The Leader called on Muslims to unite against the world’s arrogant powers and transgressors who are still following their policy of divide and conquer with all kinds of tricks in the Islamic states.

“The policy of the Qur'an is that Muslim nations and groups should have solidarity, and if you have this solidarity, divine wisdom will support you and you will overcome all obstacles and win over all enemies."

The Leader said the time has come for the Islamic Ummah to overcome the plots of the enemies.

"The enemy of the Iranian nation is the same enemy of the Palestinian nation, the Lebanese nation, the Iraqi nation, the Egyptian nation, the Syrian nation and the Yemeni nation. The enemy is one.”

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