Falling prices spark gold rush

Updated 20 April 2013
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Falling prices spark gold rush

The crash in the prices of the yellow metal has sparked off a gold rush across Saudi Arabia.
In the last three days, gold souks in the Kingdom have come alive with buyers flocking to cash in on the sharp drop in gold prices.
Most of the shop owners in the gold souk in Kandra said that their businesses have increased 50 percent in the last three days, whereas those in Balad said sales of 22-carat had gone up by more than 75 per cent and were expected to rise further.
Ismail, a salesman at Malabar Gold in Balad reported record rush since the drop in gold prices.
Arshia Nuzhat Baig, an Indian housewife in Jeddah, said it was “good news.”
Tanuja Anand, a Riyadh-based homemaker, said she was overjoyed and had immediately bought gold ornaments.
Syed Ghaziuddin Ali, a long-time resident of Jeddah, said it came as a “pleasant surprise.” He has invested in gold biscuits.
On the weekend, scores of families were seen shopping for gold in Riyadh and Dammam also, according to trade sources.
Prices of gold have stabilized at SR 173 per gram for 24 carat. This is up SR 2 per gram compared to what it was two days ago. The price of 22 carat gold is now SR 159 per gram — up SR 1 per gram as against two days ago.
Although there is a fall in gold prices, gold ornament shops are charging customers extra money for design and ornamentation.
Indian expatriates are top buyers of gold jewelry in the Kingdom. Many of them prefer to purchase 22-carat ornaments, which are available in few shops in major cities that are usually crowded.
Gold shops are struggling to cope with the rush. Salesmen are finding it difficult to maintain inventory of stock after closing shops. Some close earlier than the regular time in order to take inventory.


Saudi Shoura Council urges promotion of culture of productivity in families

The Shoura Council holds its first ordinary session in Riyadh on Tuesday. (SPA)
Updated 21 November 2018
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Saudi Shoura Council urges promotion of culture of productivity in families

  • The council encouraged the Family Affairs Council to build partnerships with the nonprofit sector to implement its initiatives

The Shoura Council called upon the Family Affairs Council on Tuesday to build and promote the family’s culture of productivity and self-reliance as one of its strategic pillars, and accord top priority to preparing a draft strategy for the family in coordination with the relevant authorities.

The council adopted this resolution during its first ordinary session of the third year of the seventh session, held under the chairmanship of Shoura Council Speaker Sheikh Abdullah bin Mohammed Al-Sheikh.

The council encouraged the Family Affairs Council to build partnerships with the nonprofit sector to implement its initiatives, and formulate a scientific description of the characteristics to be instilled in the Saudi family and the enabling supportive environment. 

Assistant Speaker of Shoura Council Yahya Al-Samaan said the council has asked the Public Education Evaluation Commission to focus on leveraging national expertise and to reduce reliance on foreign expertise.

Al-Samaan pointed out that the council made its decision after listening to the views of the members of the Education and Scientific Research Committee on the report submitted by the Public Education Evaluation Commission for the current fiscal year.

On Monday, King Salman inaugurated the third year of the Shoura Council’s seventh session in which he highlighted the Kingdom’s priorities for the coming year and defined the contours of its domestic and foreign policies.

The king pledged to continue the Kingdom’s fight against extremism and all forms of terrorism. He also vowed to support the system of social services and sustainable growth for citizens. 

The speech focused on issues such as the war in Yemen, the Palestinian issue, stability in the oil market, countering Iranian interference in the region and job creation for Saudis.  “The Kingdom will maintain its effort to resolve regional crises,” the king said.

Al-Sheikh noted the council’s pride in the wise leadership’s efforts to unify Arab ranks and promote Islamic solidarity to achieve security and peace in the region and in the world.