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Saudi Arabia Sets Minimum Pay for Saudis in Dentistry, Pharmacy Professions

Saudi Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi. (SPA/File)
Saudi Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi. (SPA/File)
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Saudi Arabia Sets Minimum Pay for Saudis in Dentistry, Pharmacy Professions

Saudi Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi. (SPA/File)
Saudi Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi. (SPA/File)

Saudi Minister of Human Resources and Social Development (HRSD) Ahmed Al-Rajhi issued a ministerial decision approving an amendment to the Saudization guide for dentistry and pharmacy professions.

The move comes as part of the ministry's efforts to provide promising and stable job opportunities for citizens and increase their participation in the labor market, according to Rajhi.

Under the new decision, the minimum pay for Saudis practicing the dentistry and pharmacy professions will be set at SAR 7,000 ($1,800), effective April 11, 2022.

The decision will apply to all private-sector facilities operating in the Kingdom that employ a minimum of three workers in the dentistry profession, provided the competent health authorities accredit them.

In addition, the decision will also apply to all private-sector facilities operating in the market, which have a minimum of five workers in the pharmaceutical profession, provided the competent health authorities accredit them.

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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.