RIYADH: Saudi Arabia has seen a surge in licenses for treasured steel and gems this yr, based on a report by the Al-Eqtisadiah newspaper, citing figures from the Ministry of Commerce.
The ministry has issued 220 licenses within the sectors to date in 2021, the report mentioned. That compares to 270 issued all through the entire of final yr.
The buying and selling or manufacturing of treasured metals or gems with out a license can result in imprisonment of as much as six months and a superb of as much as SR90,000 ($24,000).
The ministry reported that 136 violations have been recorded this yr, whereas 443 have been recorded in 2020.
In buying and selling final week, gold rebounded on Friday after a two-week low. Nevertheless, Reuters reported that bullion was nonetheless on the right track to register its greatest weekly decline since March. Spot gold was up 1 % on Friday to $1,889.27 per ounce.
“A part of what we’re seeing when it comes to the energy in gold are inflation expectations and people are partly primarily based on the stronger financial knowledge, like increased jobs progress, a broader restoration within the US (and) elements of Europe, and China remains to be doing properly,” Jeffrey Christian, managing accomplice of CPM Group, informed Reuters. “Gold costs will in all probability proceed to commerce between $1,855 and $1,920-an-ounce ranges,” he mentioned.
Amongst different treasured metals, silver gained 1 % to $27.73 per ounce, palladium was down 0.1 % to $2,837.54 and platinum rose 0.5 % to $1,162.83.