Economy
Saturday, October 9, 2021, the price of gold in Algeria
Gold prices in Algeria remained stable during trading on Saturday, October 9, 2021, in line with the holiday of global precious metal markets.
The price of gold today in Algeria
The price of a gram of 24 carat gold reached 7767 dinars ($ 56.53) during trading in Algeria on Saturday.
Also in Algeria the price of a gram of 21 carat gold (the most traded in the market) was 6769 dinars ($ 49.47).
The price of a gram of 18 carat gold is about 5825 dinars ($ 42.40).
In terms of economic gold prices in Algeria, the price of 14 grams of gold is about 4531 dinars ($ 32.98), and the price of a gram of 12 carat gold is about 3883 dinars ($ 28.27).
Price of gold per ounce and pound
The price of an ounce in Algeria during trading on Saturday was about 241,554 thousand dinars ($ 1,758).
And the price of a pound of gold (8 grams 21 carats) in Algeria rose to 54,370 thousand dinars ($ 395.98).
Global gold prices
Gold rose on Friday, the dollar fell slightly, and spot gold rose 0.4% to $ 1,242.49 an ounce at 1124 GMT, while US gold futures rose 0.2% to $ 1,762.60. The dollar fell, strengthening the attractiveness of gold to holders of other currencies.
Central Bank President Jerome Powell said another good job report was needed to cut the US Federal Reserve’s $ 120 billion monthly bond purchase plan.
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Economy
European shares fall for fifth straight day, real estate shares fall, Reuters
(Reuters) – European stocks fell for a fifth straight day on Wednesday as negative reports from brokerages on property owners in Britain hurt real estate stocks, while recent moves weighed on shares of Dutch insurers and Swiss bank UBS. .
The European index fell 0.2 percent, closing at its lowest level in six months.
The European real estate sector index fell 2 percent.
Land Securities, British Land and Derwent London shares fell between 3.4 percent and 4.3 percent.
Overall, market sentiment remained pessimistic with investors on the likelihood of major central banks keeping interest rates high for longer, and a slump in China’s real estate sector added to negative sentiment.
The STOXX 600 index appeared to be on track for its first quarterly loss in four years, while the German index turned out to be the worst performer at the regional level.
Meanwhile, shares of Dutch insurers took a hit after court rulings raised the prospect of huge damage claims in a long-running battle over investment-linked products.
NN shares fell 18.8 percent, while ASR shares fell 14.2 percent.
Shares of UBS Bank fell about three percent after the U.S. Justice Department stepped up scrutiny of cases of suspected noncompliance with rules that helped clients from Russia avoid sanctions.
H&M shares, on the other hand, rose 3.4 percent after the world’s second-largest clothing retailer reported a slightly larger-than-expected increase in its quarterly profit, supported by cost cuts.
(Prepared by Rehab Ala for Arabic Bulletin)
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Economy
Saudi Aramco to enter into new acquisition deal in China
Saudi Aramco continues its strategy of expanding petrochemical investments as part of a plan to convert 4 million barrels of oil per day into chemical products.
The Saudi oil giant has made China one of the most important markets it aims to expand into by entering into partnership or acquisition deals in the oil refining and petrochemical sector.
In this context, Saudi Aramco, one of the world’s leading integrated companies in the field of energy and petrochemicals, and Jiangsu Eastern Xinghong Company Limited (Eastern Xinghong), on Wednesday, September 27 (2023), signed a framework cooperation agreement to enter. In advising on potential acquisitions.
Acquisition Agreement Targets – Step Report Seen by Special Energy Platform – Acquisition of 10% strategic stake in Jiangsu Xinghong Petrochemical Industry Group Co., Ltd. (Jinghong Petrochemical), a wholly-owned subsidiary of East Jinggang, the deal is subject to necessary assessments and approvals.
Big investments
Xinghong Petrochemical Company owns and operates an integrated refining and petrochemical complex with a production capacity of 320 million barrels per day, as well as a methanol-to-olefins and derivatives complex.
Through its wholly-owned subsidiaries, it also has a facility for the production of refined terephthalic acid, and its facilities are located in the Petrochemical Industrial Park in Jiangsu Province.
Under the framework cooperation agreement, Saudi Aramco intends to supply crude oil and other raw materials to Shenghong Petrochemical Company. Saudi Oil Company and Shenghong Petrochemical Company intend to cooperate on a major expansion project, subject to the results of consultations between the two countries. Conclusion of parties and binding final agreements.
The new deal comes two months after Saudi Aramco closed a deal to buy a 10% stake in Rongsheng Petrochemical Co. for 24.6 billion Chinese yuan (3.4 billion US dollars).
The deal includes the export of 480,000 barrels per day of Arabian crude oil to the largest integrated refining and petrochemical complex in China owned by Zhejiang Petroleum and Petrochemical Co., Ltd., a subsidiary of Rongsheng.
Energy security in China
Mohammed Yahya Al-Qahdani, Saudi Arabia’s head of refining, chemicals and marketing, said, “Through our partnership with East China Sea, we look forward to providing Aramco with the reliable energy needed for growth, development and the long-term sustainability of China’s energy security.
He added: “The signing of the structural cooperation agreement with Saudi Aramco is an important step in our strategy in the field of refining, chemicals and marketing, which aims to increase the company’s ability to convert Arab crude oil into chemicals. Our vision to expand into the Chinese market, one of the world’s leading markets in the energy sector, is to “make China We consider ourselves an important partner today and for decades to come.”
Eastern Singhong, listed on the Shenzhen Stock Exchange, is one of the leading integrated companies in the energy and chemical industry and is keen to adopt advanced technologies in its new businesses in the energy and materials sectors.
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Economy
Dollar hits 10-month high as interest rates linger, via Reuters
SINGAPORE (Reuters) – The dollar hit a 10-month high as the U.S. continues to dominate at long-term highs.
In recent trading, the euro fell 0.14 percent to $1.05575, its lowest level in six months at $1.05555. The euro is heading for a quarterly loss of more than three percent, its worst quarterly performance in a year.
It fell 0.09 percent to $1.2146 after touching a six-month low of $1.2141 on Wednesday. Sterling is heading for a quarterly loss of more than four percent.
It hit a ten-month low of 106.30.
The rise in earnings led to a fall in the yen, which rose slightly to 149.03 yen against the dollar after falling to an 11-month low of 149.185 on Tuesday.
Some experts believe a breach of the 150 yen threshold could force Japanese authorities to intervene to support the currency, as they did last year.
The Australian dollar was down 0.20 percent at $0.6385.
The New Zealand dollar was down 0.23 percent at $0.5931.
(Prepared by Marwa Salam for Arabic Bulletin – Editing by Marwa Gharib)
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