MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
India’s domestic gold prices hit 30,699 rupees per 10 grams at the local market, as international gold prices touched their highest level in three months amid continued concerns over the eurozone.
“International and domestic factors are both at play,” said Anand James from Geojit BNP Paribas Financial Services.
“There is anticipatory seasonal buying by stockists on expectation of purchases in coming months, and a bit of investment-led buying,” he said.
Investors tend to turn to the precious metal as a safe haven during uncertainty, while the stockists anticipate family buying during the festive and marriage season, which runs from September to December.
Currently retail gold purchases remains low, with consumers delaying buying in hope of a correction in prices soon, traders said.
“Demand is very poor at the moment. There are no buyers due to the high prices,” said Haresh Kewalramani, director with the Bombay Bullion Association.
Global demand for gold fell to its lowest level in two years in the second quarter ended June, the World Gold Council said, owing to less buying in the main markets of India and China, despite rising demand from central banks.
India and China, which have both been battling high inflation, account for about half of the world’s gold demand combined, and China is forecast to overtake India as the market leader by the end of the year.
MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
His visit to Cairo aimed to salvage stalled negotiations mediated by Egypt, Qatar and the United States to end the conflict
The group accused Israel, which has so far refused to comment, as US denies involvement
Hundreds of pagers belonging to the armed group exploded in Lebanon on Tuesday, killed 12 people, including two children, and wounded up to 2,800 others
They view it as a pivotal move toward fostering inclusivity and diversity in corporate structures
Israel has not yet commented on the explosions
The meeting saw engaging discussions on Sinomach’s strategic initiatives and ongoing projects in the region