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Saudi Arabia Records Jump in Electronic Payments

Image used for illustrative purpose. (Gettyimages)
Image used for illustrative purpose. (Gettyimages)
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Saudi Arabia Records Jump in Electronic Payments

Image used for illustrative purpose. (Gettyimages)
Image used for illustrative purpose. (Gettyimages)

Electronic payments continued to grow exponentially in Saudi Arabia, driven by the conditions imposed by the outbreak of Covid-19.

Latest statistics revealed the record increase of Saudi payments through smart devices by 1500 percent, compared to the same period last year.

In conjunction with the procedures adopted to face the new coronavirus pandemic, indicators of Saudi payments through electronic points of sale increased remarkably, at a time when precautionary measures in the Kingdom continued, by imposing partial and total curfews and calling for avoiding cash payment to limit the spread of the virus.

Payments via the Mada system increased by 1523 percent in the first quarter of 2020.

During that period, 83.6 million electronic transactions were executed, compared to 5.1 million transactions in the first quarter of 2019. The value of sales during those operations amounted to 7.1 billion riyals ($ 1.8 billion).

Mada is the Saudi payment network and the developed version of electronic payment services in the Kingdom. Its launch came to enhance the automated exchange systems, points of sale and electronic payment services on the Internet with an upgraded flexibility, speed and safety.

In the same context, Mada’s online payments in the first quarter of this year recorded 20.8 million transactions, representing a 406 percent increase over the same period last year, while the value of purchases reached 5.1 billion riyals ($ 1.3 billion), an increase of 405 percent of the value recorded last year.

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Gold Near Record High; Investors Await Fed Chair Powell's Speech

FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
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Gold Near Record High; Investors Await Fed Chair Powell's Speech

FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)

Gold prices rebounded and looked set to scale a fresh peak on Thursday, on mounting expectations for another US interest rate cut this year, while investors awaited Federal Reserve Chair Jerome Powell's address later today for more policy cues.
Spot gold climbed 0.4% to $2,668.05 per ounce, as of 0913 GMT, a few dollars away from the record $2,670.43 it hit on Wednesday.
US gold futures were up 0.2% to $2,691.20, reported Reuters.
"Gold price strength is feeding on itself just now. That’s to say momentum is driving speculative flows despite a rising US dollar and Treasury yields," said independent analyst Ross Norman.
"Powell's comments will be observed for indications about the depth of further cuts. But really it's a case of when, not if."
Last week, the Fed trimmed the benchmark policy rate by 50 basis points to 4.75%-5.00%. Traders now see a 62% chance of an additional 50 bps reduction in November, according to the CME FedWatch Tool.
Lower interest rates boost non-yielding gold's appeal.
Powell is set to give opening remarks later in the day at a conference, where New York Fed President John Williams and Fed Vice Chair for Supervision Michael Barr will also speak.
Markets will also scan the US jobless claims data on Thursday and the core personal consumption expenditure index - the Fed's preferred inflation indicator - on Friday.
Bullion has risen more than 29% so far in 2024, hitting record highs several times, fueled by the US rate cuts, safe-haven demand due to geopolitical and economic uncertainty and robust central bank buying.
"In the coming weeks, gold could set new records and we see $3,000 an ounce as the maximum extension of the bullish movement," analysts at Intesa Sanpaolo said.
"We forecast a 4Q24 gold average of $2,595, as some profit-taking could materialize towards year end."
Among other metals, spot silver climbed 0.9% to $32.16 per ounce, holding close to the four-month high it hit on Wednesday.
Platinum rose 1.8% to $1,005.61 and palladium gained 2.4% to $1,062.36.