After weaker-than-expected U.S. economic data and rising military tensions in the Middle East, gold prices rose to record highs at the end of last week’s trade, hitting a barrier of $2,070 an ounce. Adel Al-Fathli, head of strategic planning at Kuwait Dar Al-Sabah Company, said in a statement to Kuwait News Agency (KUNA) on Sunday that the yellow metal managed to post a profit for the third week in a row. Along with weak US economic data. Al-Fathly said factory activity in the US has seen a continuous contraction for more than two months, along with a slowdown in personal consumption spending and a sub-level decline in the inflation rate in the US market. Gold futures (for delivery next February) rose 1.6 percent to $2,089 an ounce, while the dollar index, which measures the U.S. currency against major currencies, fell 0.35 percent to 103.1 points. Analysts’ pessimistic expectations for growth in US spending and output next year sent investors back to the safe haven (gold), especially as the Federal Reserve (Federal Bank) has aggressive plans to cut interest rates. 25 basis points during the Bank’s regular meeting scheduled for March 2024. He expected gold prices to see a “significant rise” if expectations that the US Federal Reserve cut interest rates by 135 basis points by the end of next year hold true. This will certainly lead to an increase in precious metals in the long run. Al-Fathly said that important reports will be released this week, the first of which is the US labor jobs report, followed by the purchasing managers’ index for services, monetary policy announcements in Australia and Canada, and data on inflation rates in China and South Korea, “all of which are indicators that will determine gold’s trends this week.” .” He said he believed developments in the Middle East region this week would be “stronger” as analysts monitor field developments due to the heavy impact on precious metals prices by military operations and shutdown threats. Some commercial waterways.” As for the local market, the price of a 24-carat gram rose to 20.375 dinars (about $62.2), 22 carat to 18.68 dinars (about $57), silver finished at 297 dinars (about $905), he said. ) per kilogram. ounce. It is worth noting that is one of the units of mass measurement, it is used in various measurement units, it is also called ounce and is equal to 28.349 grams, while the unit of measurement for precious metals is equal to 31.103 grams.
Economy
“ADNOC Distribution” records a net profit of 835 million dirhams
Yesterday, ADNOC Distribution announced its financial results for the third quarter of the year, recording a 28% year-on-year increase in profit to reach Dh1.1 billion, with an increase in net profit before interest, tax, depreciation and amortization. 9% on annual basis.
These strong results are supported by growth in the fuel volume and non-fuel retail sector, as well as initiatives to improve operational efficiency across all sectors of the company and increase the contribution of its international operations.
Total fuel volume sold in the Gulf Cooperation Council region (UAE and Saudi Arabia) increased by 21% year-on-year and 5% quarter-on-quarter, the company said in a statement. The increase is driven by the continued expansion of the company’s station network and the recovery of economic activity and mobility in the region.
In the third quarter of 2023, the company achieved a strong cash flow of 1.447 billion dirhams and maintained a strong balance sheet at the end of the third quarter of the year as net debt to earnings before interest, taxes and depreciation. And the leverage ratio reached 0.67 times, which improves the company’s growth prospects and returns.Shareholders. In the third quarter of 2023, the company achieved continued growth in the non-fuel retail segment, recording a 14% year-on-year increase in non-fuel transactions, increased segment profitability and conversion rates from fuel. 24% for retail stores, compared to 21%. In the third quarter of 2022.
Engineer Badr Saeed Al Lamki, CEO of ADNOC Distribution, said: “The positive results we achieved in the third quarter confirm the continued growth of our business and the strength of our fuel retail and non-fuel retail sectors. Quarterly results since the initial public offering.”
He added: “These strong results are achieved by implementing our smart growth strategy, which includes expanding our business network locally and internationally, improving operational efficiency and investing in growth, to achieve value and deliver remunerative returns to our shareholders. Adopting the latest technologies in all its operations, the best To provide experiences.” and services to customers.
New stations
ADNOC Distribution opened 12 new service stations in the third quarter of 2023 and 16 service stations in the first half of the year, bringing its total station count to 828 service stations, including 585 service stations. In the United Arab Emirates and Saudi Arabia.
After opening 28 new stations in the first nine months of this year, the company met its target for 2023, adding 25 to 35 new service stations, and expects to continue expanding its network in the last quarter of 2023 and beyond. In the third quarter of 2023, the first three service stations bearing the “ADNOC” brand were opened in Egypt, and six more stations owned by “ADNOC Distribution” are slated to open by the end of this year.
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
Books – Islam Saeed
Sunday, December 3, 2023 at 03:00 AM
Central banks around the world continue to demand… Gold In 2023, gold trends for the third quarter of the current year 2023 as per the reports of the World Gold Council show that the demand for gold by banks has increased.
Central banks added 337 tonnes in the third quarter of 2023
The third largest buying level in the quarter reached by central banks
In the third quarter of 2022, banks bought a large amount of 459 tonnes of gold..
Since the beginning of 2023, demand by central banks has increased by more than 14%.
Total bank purchases of gold since the beginning of 2023 have reached a record high of 800 tonnes of gold.
Gold reserves reported by global central banks rose by a net 77 tonnes in September.
Central bank’s gold sale is only 1 ton.
– Fund outflows from gold investment funds continued in October, $2 billion
Since the beginning of the year, the funds’ investments have fallen 6%.
– Total cash outflows from gold-backed global investment funds have hit $13 billion since the start of the year
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
Oil prices settled up more than 2% – yesterday, Friday – after a volatile trading week as the market anxiously watched the latest round of OPEC Plus production cuts and a slowdown in global production activity.
Brent crude futures for February delivery were down 2.45% at $78.88 a barrel, while US West Texas Intermediate crude futures were down 1.9% at $74.07.
For the week, Brent posted a decline of about 2.1%, while the West Texas Intermediate posted a decline of more than 1.9%.
On Thursday, oil-producing countries in the OPEC Plus alliance – which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and other countries including Russia – agreed to cut global oil production by about 2.2 million barrels on the world market. per day in the first quarter of next year, including… extending current voluntary cuts by 1.3 million barrels per day from Saudi Arabia and Russia.
The OPEC Plus alliance – which accounts for more than 40% of the world’s oil – is focused on cutting production, with prices falling from around $98 a barrel in late September, amid fears of weaker economic growth in 2024.
A survey showed that the US manufacturing sector is still weak, with the factory employment rate falling last November.
On Friday, talks to extend a week-long ceasefire between Israel and the Palestinian Islamist movement (Hamas) collapsed, leading to renewed fighting in Gaza that could disrupt global oil supplies, Reuters reported.
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
-
Top News2 years agoReasons why there isn’t More Scoring in Soccer
-
Top News2 years agoDirection Dubai: Private jets were attacked to escape the health drama in India
-
science2 years agoA Scientific Surprise .. Contemporary Month of Ancient Egyptians | Science
-
Top News1 year agoTop 3 Cities in Vietnam for Digital Nomads
-
Tech2 years agoThe email is said to have come from Nintendo’s Lost Game Boy extension
-
Economy5 months ago
Apple’s market cap is about $3 trillion
-
Tech2 years agoNetflix launches new video game platform on Android devices
-
Economy1 year agoGeely Monjaro 2023 Launched in Saudi Arabia .. Specifications and Prices (Video and Photos)
