Record Number of Travelers Depart Beirut Airport in One Day

A general view shows Beirut's international airport, Lebanon November 21, 2015. (Reuters)
A general view shows Beirut's international airport, Lebanon November 21, 2015. (Reuters)
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Record Number of Travelers Depart Beirut Airport in One Day

A general view shows Beirut's international airport, Lebanon November 21, 2015. (Reuters)
A general view shows Beirut's international airport, Lebanon November 21, 2015. (Reuters)

A record number of people departed Beirut’s Rafik Hariri International Airport on Friday, said Interior Minister Raya al-Hassan.

She said 22,800 travelers left the country, expressing in a tweet her “understanding” of the arduous wait in queues.

“We will exert all possible efforts to overcome” the long lines at the facility, she said.

The number of travelers is expected to increase next week with the end of the Eid al-Adha holiday as more Lebanese expatriates return to their homes abroad.

Airport director Fadi al-Hassan predicted to Asharq Al-Awsat that the number of travelers between August 19 and 25 will exceed the figures recorded on Friday.

Some 4 million travelers were recorded at Lebanon’s only functioning airport during the first half of 2019, marking a 4 percent rise for the same period last year.

The number of travelers in July jumped 2.65 percent compared to 2018.



Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices touched their highest level in three weeks on Friday supported by a softer dollar and safe-haven buying, while markets braced for potential economic and interest rate changes from US President-elect Donald Trump's proposed policies.

Spot gold was little changed at $2,658.11 per ounce, as of 1115 GMT, hitting its highest level since Dec. 13. Bullion is up about 1.5% for the week so far.

US gold futures were steady at $2,672.20.

The dollar index fell 0.3% from over a two-year high hit in the previous session, making dollar-priced bullion more affordable for holders of other currencies, Reuters reported.

"Gold bulls are setting the tone early doors this year, enjoying the lift from safe haven bids while riskier equities struggle to hold on to nascent gains," said Exinity Group Chief Market Analyst Han Tan.

On the geopolitical front, in Gaza Israeli airstrikes killed at least 68 Palestinians, Gaza authorities said. While, Russia launched a drone strike on the Ukrainian capital Kyiv on Wednesday, city officials said.

Trump's inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected by many economists to be inflationary and potentially spark trade wars.

"Markets are aware that Trump's policies risk reawakening US inflationary impulses, which should be a boon for gold so long as markets adhere to the precious metal’s role as an inflation hedge," Tan added.

Bullion, which is considered a hedge against economic and geopolitical uncertainties, tends to thrive in lower interest rate environment.

After delivering three consecutive interest rate cuts in 2024, the US central bank now projects only two reductions in 2025 due to due to stubbornly high inflation.

Spot silver rose 0.6% to $29.75 per ounce.

"Lower real US yields and stronger global industrial production should favor the metal in 2025," UBS said in a note, adding that they see silver to trade between $36-38/oz in 2025.

Platinum added 0.8% to $930.09, and palladium gained 1.2% to $922.58. Both metals were on track for weekly gains.