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
From Saeed Al Dyer to Al Bayan: Smart water meters save Dubai 590 million dirhams in 6 years
His Excellency Saeed Mohammed Al Tayer, Managing Director and Chief Executive Officer of Dubai Electricity and Water Authority, told Al Bayan that the authority’s advanced infrastructure for smart water meters, the meter, was able to identify 1.68 million water leaks after 34 thousand 70 faults. and 13,297 cases of overload in the last 10 years. In the last 6 months, it has achieved a total savings of about 590.5 million dirhams for customers.
As part of the “Smart Life” initiative, the “Notification of Excess Water Consumption” service enables customers to detect any leakage in water lines after the meter, as the smart meter system sends instant notifications to the customer if any is detected. An unusual increase in consumption, so he can take the initiative to inspect the connections, repair any leaks in the interior and water lines, which contributes to stopping waste and reducing costs for customers.
His Excellency Saeed Al Thayer said: “At DEWA, we are working in line with the vision of smart leadership to make Dubai the happiest and smartest city in the world. Smart meters are considered the backbone of a smart grid and one of the pillars of smart transformation, increasing operational efficiency and reducing the rate of waste.
Smart Grid is a key component of the Commission’s strategy to develop advanced infrastructure to manage facilities and services through smart, interconnected systems that rely on disruptive technologies and the latest technologies of the fourth industrial revolution such as artificial intelligence, robotic aircraft, blockchain, etc. Technology, Internet of Things and others. Smart grid is considered as one of the most important factors for success. As smart cities ensure continuity and availability of integrated and connected services round the clock.”
Integrated strategy
He added: “We have an integrated strategy for smart grids with investments of 7 billion dirhams, which will be completed in short, medium and long-term phases until 2035. The strategy includes several projects, the main ones being electricity and water consumption data, asset management, big data and advanced infrastructure to measure others.”
The “Smart Utilities through Smart Meters and Networks” initiative is one of the initiatives launched by the Authority to achieve the “Smart Dubai” initiative, which aims to make Dubai the smartest and happiest city in the world. It offers smart meters.
In addition to its role in intelligent change, raising operational efficiency and reducing the percentage of water loss, it has many advantages for customers, and allows them to proactively and digitally monitor, manage and control their consumption without referring to the commission, which contributes to the improvement. Consumption efficiency and resource sustainability.
He continued: “The Authority’s efforts to develop smart and advanced infrastructure in line with high international standards have doubled from 200,000 meters in January 2016 to 2 million and 100,000 meters now.
All traditional meters for electricity and water have been converted into smart meters in Dubai and smart meters offer many benefits to customers to control their consumption in advance and digitally without reference to the authority. meters remotely every 15 minutes.” .
Secure system
His Excellency Saeed Al Tayer explained that smart meter data management is done through a secure and fully automated infrastructure that allows the authority’s customers to automate meter reading information and receive information about their consumption patterns so that they can monitor, manage, and advance and digitalize their consumption anytime and anywhere. Control method.
Customers are notified via SMS through the “High Water Consumption Notification” service, monitoring potential leaks for quick repairs and reducing waste, contributing to resource sustainability and environmental protection.
Innovative solutions
His Excellency Saeed Al Dyer pointed out that the Authority has developed a number of innovations based on artificial intelligence technology to improve the efficiency of operational processes in the water network in Dubai and to promptly monitor, isolate and repair cyber-attacks, leaks and outages. These innovative solutions also work to predict malfunctions of smart meters and pumps based on sensor data.
It will improve the competitive capabilities of the Emirate of Dubai, support the Authority’s ongoing efforts to reduce carbon emissions, automate notifications sent to customers in the event of water leaks at properties, and continue to outperform elites. Among several indicators European and American companies, in 2022, the percentage of losses in water transmission and distribution networks will be 4.5%, compared to 15% in North America.
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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
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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.
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