Bahrain: Commercial, Industrial Activities to Resume Under Strict Conditions

Employees sit behind their desks, as they wait for customers at a travel agency, following the outbreak of coronavirus, after the decision to ban travel to several countries, in Riyadh, Saudi Arabia March 12, 2020. REUTERS/ Ahmed Yosri
Employees sit behind their desks, as they wait for customers at a travel agency, following the outbreak of coronavirus, after the decision to ban travel to several countries, in Riyadh, Saudi Arabia March 12, 2020. REUTERS/ Ahmed Yosri
TT
20

Bahrain: Commercial, Industrial Activities to Resume Under Strict Conditions

Employees sit behind their desks, as they wait for customers at a travel agency, following the outbreak of coronavirus, after the decision to ban travel to several countries, in Riyadh, Saudi Arabia March 12, 2020. REUTERS/ Ahmed Yosri
Employees sit behind their desks, as they wait for customers at a travel agency, following the outbreak of coronavirus, after the decision to ban travel to several countries, in Riyadh, Saudi Arabia March 12, 2020. REUTERS/ Ahmed Yosri

Bahrain announced the resumption of commercial and industrial activities that provide direct services to customers as of Thursday, under strict precautions and health measures that include continuous sterilization, reducing the number of employees, working remotely as much as possible, and ensuring social distancing.

The announcement came in a press conference on Tuesday, in the presence of Fayekah Al-Saleh, Minister of Health, and Zayed al-Zayani, Minister of Trade, Industry, and Tourists, who in turn emphasized the closure of sports clubs, cinemas, buffets, cafes, and restaurants, except for food take-away and deliveries.

Zayani added that the concerned governmental committee has decided to resume commercial and industrial activities that provide services and goods directly to customers while taking the necessary health precautions and applying teleworking when possible.

The Minister of Health stressed that people in public places are required to wear masks.

For his part, Lt. Col. Manaf Al-Qahtani described as normal the increase in the number of people infected with the virus.

“But all these increases are within the pre-emptive precaution plans developed by the Kingdom of Bahrain,” he said, noting that the expectations indicate a further increase in infections next week.



Gold Steady as Market Eyes Middle East Conflict, Fed Decision

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
TT
20

Gold Steady as Market Eyes Middle East Conflict, Fed Decision

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices were steady on Tuesday as investors assessed the conflict between Israel and Iran and looked ahead to this week's US Federal Reserve's policy meeting.

Spot gold was steady at $3,383.01 an ounce, as of 0851 GMT US gold futures fell 0.5% to $3,401.30.

Israel and Iran exchanged attacks for a fifth consecutive day on Tuesday, Reuters reported.

US President Donald Trump urged an evacuation of Iran's capital Tehran and cut short his trip to the G7 summit in Canada. A separate report said he had asked for his administration's National Security Council to be prepared in the situation room.

"Markets are waiting for the latest signals whether hostilities between Israel and Iran would escalate or will remain contained," said Han Tan, chief market analyst at Exinity Group.

"Gold still retains its bias for lurching upwards on signs of a worsening Middle East conflict, given the precious metal's stature as the preferred safe haven of late."

Zero-yield bullion is considered a hedge against geopolitical and economic uncertainty and tends to thrive in a low-interest environment.

The US central bank rate decision and Chair Jerome Powell's remarks are due on Wednesday. Traders are currently pricing in two cuts by the end of the year.

Meanwhile, Citi lowered its short-term and long-term price targets for gold, projecting prices could drop below $3,000 per ounce by late 2025 or early 2026, driven by declining investment demand and an improving global growth outlook, it said in a note on Monday.

Elsewhere, spot silver was up 0.3% at $36.45 per ounce, platinum was unchanged at $1,246.59, while palladium fell 0.4% to $1,025.44.