Rising gold prices threaten some factories with closure

August 12, 2013

Rising_gold_prices
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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 25,2024

ballastic.jpg

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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
October 1,2024

The Lebanese resistance movement Hezbollah says it targeted Israel's Glilot military base and Mossad headquarters in the outskirts of Tel Aviv with salvos of Fadi-4 rockets.

Israeli reports said several settlers were injured in the rocket barrage from Lebanon on Tel Aviv.

The reports said the rocket attack from Lebanon was “the largest” since the beginning of the war.

Hezbollah earlier said it struck gatherings of Israeli troopers in artillery and rocket attacks on the northern part of the occupied Palestinian territories in retaliation for Israel’s deadly strikes on Lebanon.

In separate statements released on Tuesday, the resistance movement said the gatherings of the enemy troops were hit at the Shtula, Metulla, Avivim and Rosh Pina settlements.

The resistance also targeted the Doviv barracks with a Falaq-2 rockets as well as the gathering of Israeli forces near the settlement of Rosh Pina with a rocket barrage.

The resistance group added that it had conducted the operations in support of “steadfast Palestinian people in the Gaza Strip and … their valiant and honorable resistance, and in defense of Lebanon and its people.”

The attacks came amid a major escalation in Israel’s acts of terror and aggression in Lebanon that saw the regime assassinating Hezbollah Secretary General Sayyed Hassan Nasrallah in an airstrike on southern Beirut.

The death toll from Israeli aerial assaults across Lebanon since early October 2023 has reached 1,745 with some 8,767 injured, according to Lebanese government data. In response, Hezbollah has fired barrages of rockets and drones towards Israeli targets.

The deadly exchange of fire was sparked by Israel’s genocidal war on the Gaza Strip, which has killed 41,615 Palestinians, mostly women and children, and wounded 96,359 others over the past year.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 24,2024

lebanon.jpg

The Israeli regime’s warplanes have conducted extensive airstrikes against towns and villages across Lebanon, killing at least 492 people.

Lebanon’s health ministry announced the death toll on Monday, saying the victims included 35 children and 58 women.

The ministry said at least 1,645 others had also been wounded in the attacks that targeted the areas earlier in the day.

Lebanon’s health minister Firass Abiad said that the health ministry is working to ensure those injured in Israeli strikes are getting the health care they need.

The health minister said he had asked hospitals to stop taking regular, light cases to make space for the wounded from the south.

“We working on directives for the first-aid centres to be turned into places that can receive the wounded. The displaced people who have cancer, kidney failure and other chronic diseases, we have the plan to continue their treatment in different medical centers,” he said.

The country’s media outlets said the aircraft had bombed all the towns and villages lying on the southern border as well as their surroundings.

Israeli warplanes also reportedly targeted eastern Lebanese areas, including the Bekaa Valley and Baalbek.

Lebanese sources said the airstrikes had targeted a total of more than 40 areas in Lebanon during the attacks.

The Sheikh of the Druze community reached out to the Deputy Head of the Supreme Islamic Shia Council and expressed solidarity and reaffirmed support for the people of southern Lebanon, the southern suburbs, and the Bekaa during this critical period for the country.

The Commissioner of Marjayoun-Hassbaya in the Muslim Scouts, Sheikh Hussein Al-Nader, was killed in an Israeli airstrike that targeted his home in the town of Dibbine, Marjayoun district, South Lebanon.

Three people were injured in an Israeli airstrike targeting the Deir El-Zahrani highway, in South Lebanon.

A family of four was killed in Hermel, Bekaa, due to the recent Israeli airstrikes.

Israeli media outlets, meanwhile, alleged that the attacks had hit locations lying as far as 125 kilometers (77 miles) inside the Lebanese territory.

Israeli military spokesman Danieh Hagari said the regime "will engage in [more] extensive and precise strikes” against Lebanon, adding that the attacks would "go on for the near future.”

The regime has markedly intensified its attacks against the country since October 7, when it launched a genocidal war on the Gaza Strip.

Lebanon’s Hezbollah resistance movement has responded with numerous strikes against the occupied Palestinian territories as a means of both retaliating against the regime and displaying support for the war-hit Gazans.

On Sunday, the group staged its farthest-reaching strikes against the territories since October, firing scores of rockets against the Ramat David Airbase, 20 kilometers (12 miles) southeast of the city of Haifa, and the Rafael weapons manufacturing facility in the Zevulun area north of the city.

It described the strike against the facility as its “initial response” to the regime’s detonation of thousands of booby-trapped pagers and walkie-talkie radios that killed at least 39 people and wounded 3,000 others across Lebanon over Tuesday and Wednesday.

Also on Sunday, Hezbollah’s Deputy Secretary General Sheikh Naim Qassem said the movement was in a "new phase" in its battle against the regime.

"Threats will not stop us... We are ready to face all military possibilities,” he noted.

Qassem made the remarks while attending the funeral of Ibrahim Aqil, one of the group’s senior commanders.

Aqil had been martyred alongside 37 others, including three children and seven women, during an Israeli attack on a residential building in a southern suburb of Lebanon’s capital Beirut on Friday.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.