RIYAD: Saudi Arabia has seen an increase in the licensing of precious metals and gemstones this year, according to a report by Al-Eqtisadiah newspaper, citing figures from the Ministry of Commerce.
The ministry has issued 220 sector licenses so far in 2021, according to the report. This compares to 270 issued throughout the past year.
Trading or manufacturing precious metals or gemstones without a license can result in a prison sentence of up to six months and a fine of up to SR 90,000 ($ 24,000).
The ministry reported that 136 offenses were recorded this year, while 443 were recorded in 2020.
In trading last week, gold rebounded on Friday after a two-week low. However, Reuters reported that gold was still on track to record its biggest weekly drop since March. Spot gold rose 1% on Friday to $ 1,889.27 an ounce.
“Part of what we are seeing in terms of the strength of gold are inflation expectations and these are in part based on stronger economic data, like higher job growth, a stronger recovery. wide in the United States (and) parts of Europe, and China is still doing well, “Jeffrey Christian, managing partner of CPM Group, told Reuters.” Gold prices will likely continue to trade. between $ 1,855 and $ 1,920 an ounce, ”he said.
Among other precious metals, silver gained 1% to $ 27.73 an ounce, palladium fell 0.1% to $ 2,837.54 and platinum rose 0.5% to 1,162 , $ 83.