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Gold prices in Saudi Arabia rise as the price of an ounce climbs globally

Gold prices in Saudi Arabia have risen as the price of an ounce globally has reached its highest level since the beginning of the fourth quarter. Learn about its impact on the local market!

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Gold prices in Saudi Arabia rise as the price of an ounce climbs globally

Analysis of the rise in gold prices in the Saudi market

Gold prices in the Saudi market witnessed a significant increase, influenced by the rise in the global price of an ounce to $4,024.18, an increase of $24.99 from the previous day's close. This rise represents the highest level recorded since the beginning of the fourth quarter of this year.

Key financial indicators

The price of 24-karat gold bullion rose to between 533.70 riyals per gram and 14,737 riyals per ounce. Ten-gram bullion reached approximately 4,987 riyals, while 50-gram bullion reached 24,598 riyals. Larger bullion (one kilogram) saw its price increase to 488,573 riyals.

This rise in prices reflects investors' tendency to hedge with fixed assets, and is an indication of increased demand for gold as a safe haven amid global market volatility.

Factors affecting global and local prices

Experts believe the current surge is linked to growing global concerns about slowing economic growth and declining confidence in fiat currencies. These factors are driving investors to seek more stable assets like gold.

Fluctuations in stock and energy markets have also contributed to increased demand for gold as a safe haven, leading to higher prices globally and locally.

The local context and its impact on demand

In the Saudi Arabian market, gold traders expect activity to continue this week, driven by social events and increased demand for smaller gold bars for personal savings. This activity reflects local consumers' confidence in gold as a store of value.

Future gold price forecasts

Gold continues its upward trend in Saudi Arabia, supported by global and local factors. With the global price of an ounce of gold continuing to rise, new highs are anticipated if current supportive factors persist.

On a global level:

  • Continued economic instability: If concerns about global economic growth and declining confidence in paper currencies persist, strong demand for gold as a safe haven is expected to continue.
  • Central bank monetary policies: Any changes in the monetary policies of major central banks can significantly affect global gold prices.

At the local level:

  • Seasonal and local demand: Social events and continuous individual demand can contribute to supporting prices locally even with global fluctuations.
  • Local economic changes: Any economic developments within the Kingdom may also affect levels of domestic demand and, consequently, gold prices.

Summary

<pإن التحليل المالي الدقيق يشير إلى أن أسعار الذهب ستظل تحت تأثير مجموعة من العوامل المعقدة والمتداخلة سواء كانت محلية أو عالمية. يبقى التوجه نحو الأصول الثابتة مثل الذهب خيارًا مفضلاً للمستثمرين الباحثين عن الأمان والاستقرار المالي وسط بيئة اقتصادية غير مستقرة نسبياً.

The Saudi News Network first launched on Twitter via its official account, @SaudiNews50, and quickly became one of the Kingdom's leading independent news sources, thanks to its fast and reliable coverage of major local and international events. Due to the growing trust of its followers, the network expanded by launching its website, a comprehensive news platform offering regularly updated content in the fields of politics, economics, health, education, and national events, presented in a professional style that meets the public's expectations. The network strives to enhance public awareness and provide accurate information in a timely manner through on-the-ground reporting, in-depth analysis, and a specialized editorial team, making it a trusted source for anyone seeking up-to-the-minute Saudi news.

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Smart traffic signals in Buraidah are being operated using artificial intelligence technologies

The Qassim Municipality has begun operating smart traffic lights in Buraidah using artificial intelligence to improve traffic flow and facilitate the movement of emergency vehicles. Learn more.

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Smart traffic signals in Buraidah are being operated using artificial intelligence technologies

In a move reflecting the rapid technological advancements in Saudi Arabia's municipal services and infrastructure sector, the Qassim Region Municipality, in close collaboration with the region's traffic department, announced the activation of a smart traffic signal system in the city of Buraidah. This ambitious project utilizes the latest artificial intelligence technologies in traffic management, representing a radical shift from traditional fixed-time systems.

Artificial intelligence technologies to improve quality of life

The new system relies on advanced sensors and high-resolution cameras that analyze traffic density in real time. Instead of depending on predetermined time cycles, artificial intelligence algorithms process the data and adjust traffic light timings based on the volume of vehicles in each lane. This dynamic approach directly contributes to reducing waiting times at intersections, which positively impacts driver comfort and reduces wasted time and fuel, aligning with the goals of Saudi Vision 2030 to improve quality of life and enhance the efficiency of smart cities.

Targeted locations and operational details

According to reports, the system was successfully piloted at the intersection of King Abdullah Road and King Saud Road on the Northern Ring Road, a vital artery in the city. Work is currently underway to expand the pilot to include intersections along Al-Bayariq Road, in addition to a comprehensive plan to cover the remaining busy intersections in Buraidah. These successive steps confirm the municipality's commitment to implementing the system nationwide to ensure smooth traffic flow throughout the city.

Priority given to emergency vehicles and green wave technology

One of the most prominent features of this smart system is its ability to enhance traffic safety and speed up emergency response. The system is equipped with smart sensors that connect to emergency vehicles (ambulances, civil defense, and security patrols), automatically granting them priority access as they approach the intersection, which can be a crucial factor in saving lives.

In addition, the system activates the "Green Wave" technology at successive intersections, allowing vehicles to travel longer distances without frequent stops at traffic lights, thus reducing traffic congestion and limiting carbon emissions resulting from frequent stops and starts, thereby contributing to environmental protection and promoting sustainability.

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The Ministry of Hajj suspends two Umrah companies due to the housing crisis for Egyptian pilgrims

The Ministry of Hajj and Umrah announced the suspension of two Umrah companies for failing to provide accommodation for Egyptian pilgrims, stressing that accommodation will be secured for them immediately and that those responsible will be held accountable as part of efforts to improve services for the guests of God.

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The Ministry of Hajj suspends two Umrah companies due to the housing crisis for Egyptian pilgrims

The Ministry of Hajj and Umrah in the Kingdom of Saudi Arabia issued a firm decision today (Saturday) to suspend two Umrah companies from operating, following the detection of serious violations that included failure to provide accommodation services for pilgrims coming from the Arab Republic of Egypt, in violation of the previously approved contractual programs.

Details of the violation and the urgent intervention

The Ministry stated that it had observed a group of Egyptian pilgrims arriving in the Kingdom without any actual arrangements for their assigned accommodation, despite these services being documented and paid for as part of their Umrah packages. The Ministry considered this a clear violation of the regulations and instructions governing services for pilgrims and visitors to the Prophet's Mosque.

In a swift response to the crisis, the Ministry immediately took over securing alternative and suitable accommodation for all affected pilgrims, stressing that the measures taken came immediately in accordance with the regulatory frameworks to ensure the comfort of the pilgrims and preserve their rights, and to prevent the recurrence of such violations that affect their spiritual experience.

International coordination and accountability

In a related context, the Ministry of Hajj and Umrah confirmed that it is coordinating at the highest level with the Egyptian Ministry of Tourism to take the necessary legal and regulatory measures against the foreign agents contracted with the two suspended companies. This cooperation aims to ensure that all parties involved in the service provision chain, both inside and outside the Kingdom, are held accountable, and to protect pilgrims from any contractual manipulation.

The context of the Kingdom's Vision 2030 and serving the pilgrims

This measure is not a random occurrence, but rather comes within the framework of the Kingdom of Saudi Arabia's firm commitment to the objectives of "Vision 2030," specifically the "Guests of God Service Program." This program aims to facilitate the hosting of Umrah and Hajj pilgrims and provide them with the highest quality services, while also targeting increased capacity and enhancing the religious and cultural experience.

The Ministry is continuously working to develop systems and regulations that guarantee the rights of pilgrims, utilizing the latest technologies and digital platforms to monitor the performance of Umrah companies and ensure their adherence to rigorous quality standards. The safety and comfort of pilgrims are considered a red line that the Kingdom will not allow to be crossed under any circumstances.

A strongly worded message to Umrah companies

The ministry concluded its statement with a strongly worded warning, emphasizing that it will not tolerate any negligence or breach of contractual obligations by any company or institution. It affirmed that the rights of pilgrims are a top priority, calling on all those working in the sector to fully comply with regulations and instructions, and to provide services of a quality befitting the Kingdom's status as the custodian of the Two Holy Mosques.

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The death penalty was carried out in the northern border region against a Syrian resident who killed a citizen

The Ministry of Interior carried out the death penalty in the northern border region against the Syrian Saddam Hussein Al-Hussein for killing the citizen Ibrahim Al-Ruwaili by stabbing, stressing its commitment to maintaining security and justice.

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The death penalty was carried out in the northern border region against a Syrian resident who killed a citizen

The Saudi Ministry of Interior announced on Saturday the execution of a Syrian resident in the Northern Borders region, after he was found guilty of murdering a Saudi citizen in a criminal case that shook local circles, thus confirming the Kingdom’s determination to apply the provisions of Islamic Sharia and achieve swift justice.

Details of the crime and execution of the sentence

According to details provided by the Ministry in its official statement, the perpetrator, Saddam Hussein Al-Hussein (a Syrian national), murdered the victim, Ibrahim bin Khalid bin Mayouf Al-Ruwaili (a Saudi national). The crime occurred following a dispute between the two parties, which escalated into a fight that ended with the perpetrator fatally stabbing the victim with a sharp instrument, resulting in his death.

Following the incident, the competent security authorities apprehended the perpetrator. Intensive investigations led to his indictment for the crime. Upon referral to the competent court, a legal ruling was issued confirming the charges against him and sentencing him to death by way of retribution.

Litigation process and judicial guarantees

This sentence was carried out after all levels of litigation guaranteed by the Saudi Arabian judicial system to ensure justice and integrity were exhausted. The initial ruling was upheld by the Court of Appeal and subsequently ratified by the Supreme Court, making it final and binding. These procedures culminated in a royal decree ordering the enforcement of the legally mandated and upheld sentence against the perpetrator, which was carried out today in the Northern Borders region.

This meticulous procedural sequence reflects the keenness of the Kingdom’s judicial system to ensure thorough verification before implementing judgments, especially in cases of bloodshed, where the case goes through multiple stages of scrutiny to ensure that the punishment corresponds to the crime committed in accordance with the provisions of Islamic Sharia.

A firm message to consolidate security

The Ministry of Interior concluded its statement by affirming the commitment of the Custodian of the Two Holy Mosques' government to maintaining security, achieving justice, and implementing God's rulings against all who transgress against the innocent and shed their blood. The Ministry emphasized that the prescribed legal punishment will be the fate of anyone who dares to commit such heinous crimes, whether citizen or resident, thus strengthening the general deterrent effect and preserving the security and stability of society.

This implementation confirms the rule of law in the Kingdom, and that justice applies to everyone without exception, in order to protect innocent lives and preserve private and public rights.

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