Saudi Arabia strongly condemns Israeli decision to fully occupy Gaza    Prince Saud bin Mohammed Al Saud wins International Sword at Sandhurst    GASTAT: Nearly 70% of Saudis under age of 35    Elon Musk threatens to sue Apple for not ranking X or Grok among its top apps    Ukraine's borders must not be changed by force, EU leaders say    At least 100 Palestinians killed in Israeli attacks across Gaza    Jellyfish force shutdown of France's Gravelines nuclear plant after clogging cooling system    More than 2,000 evacuated from Spanish resort of Tarifa over advancing wildfire    Sudanese PM thanks Saudi leadership for unlimited humanitarian support    Saudi Arabia exit FIBA Asia Cup after overtime heartbreak against Philippines    Cristiano Ronaldo and Georgina Rodriguez announce engagement after eight years together    Bahri categorically denies transporting shipments to Israel    Saudi Arabia's ranking on Mining Investment Attractiveness Index jumps to 23rd from 104th globally    GASTAT: Saudi Industrial Production Index jumps 7.9% in June    Mexico accuses Adidas of cultural appropriation in sandal design    Saudi Film Commission invites local filmmakers to submit for first-ever Oscar entry    Al Hilal sign Uruguay striker Darwin Núñez from Liverpool    Al Ahli sign Enzo Millot from Stuttgart on three-year deal    Saudi woman donates 80% of her liver to co-wife in rare act of generosity    SFDA marks World Breastfeeding Week with awareness push on mother-child health    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Gold traders to expect a low sale during Eid season due to global conflicts
Published in The Saudi Gazette on 09 - 07 - 2016

DAMMAM — Investors in the gold sector expect gold sales during the current Eid Al-Fitr season to be on the low side, or to a great extent similar to the past season.
They said that indicators do not show that there is an unusual trend to revive the gold sector in the Eastern Province amid the receding values of contracts with gold factories and workshops, which have not crossed the 25 percent barrier.
They said the gold sector is facing great difficulties as a result of the fluctuations the international bourses are facing due to the political and economic turmoil in the Arab world and the European continent.
Abdullatif Al-Nasser, an investor, said the wedding season during the current summer is similar to the previous season with regard to the quiet performance. There was slight and partial activity in the gold sector during the second half of Ramadan.
Al-Nasser said: "During the beginning of last Ramadan, there was a flurry of activity in other sectors, like food and supplies. This was contrary to the contract values with gold factories and workshops to purchase the latest models of gold ornaments. This decreased tremendously and did not exceed 25 percent of the total purchases during the past years."
Meanwhile, Ali Al-Dijani, an investor, said Eid Al-Fitr, which was considered to be among the most important seasons for the gold sector during the past years has receded greatly during the past three years. All the indicators do not show that there will be an unusual trend to revive the gold sector in the Eastern Province.
He said the gold sector, similar to the other economic sectors, is facing great difficulties. The recession did not affect gold sales only, but the majority of the economic sectors, following the drop in purchasing power compared to previous years.
Abdulghani Al-Mhanna, chairman of the wrought gold committee in Asharqiya Chamber of Commerce said that the gold trends in the international bourses are related to the ongoing political and economic turmoil. The world markets are monitoring the developments in many countries.
Al-Mhanna said that conflicts are escalating in several countries whether in the Arab world or the European continent. This has a direct impact on gold dealings. Reaching political solutions enables the restoration of calm in the hot spots and it will create a better atmosphere in the world gold bourses.
However, the continuation of crises causes continuous concern in the international bourses. The political factors are the most important aspect in the turbulence in the markets. Meanwhile, speculations is another factor contributing to the rise and fall in the prices of precious metals in the world markets.


Clic here to read the story from its source.