Saudi Stores Increase Preparedness for Eid Supplies

Saudi markets witnessed a flourishing season during Eid al-Fitr (Asharq Al-Awsat)
Saudi markets witnessed a flourishing season during Eid al-Fitr (Asharq Al-Awsat)
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Saudi Stores Increase Preparedness for Eid Supplies

Saudi markets witnessed a flourishing season during Eid al-Fitr (Asharq Al-Awsat)
Saudi markets witnessed a flourishing season during Eid al-Fitr (Asharq Al-Awsat)

Shops of jewelry, sweets, gifts and clothing in Saudi Arabia witnessed a flourishing movement during the last ten days of Ramadan, as they prepared for Eid al-Fitr celebrations.

Stores raised their levels of preparedness through a variety of new products and marketing and advertising campaigns while some of them opened 24 hours per day.

The southern region of Jazan saw a thriving purchasing movement in the markets of gold, jewelry, ready-made clothes, and luxuries, and in the popular souks.

A number of shop owners pointed to an increase in the demand for gold during the month of Ramadan, especially in the days preceding Eid Al-Fitr, indicating that this period of the year was considered one of the peak seasons as the markets witness a clear increase in the number of shoppers.

According to a survey by the Saudi Press Agency (SPA), the Al-Baha region (south of the Kingdom) recorded a great demand in sweet shops, which are traditionally served on the morning of the holiday.

In western Saudi Arabia, in Jeddah, the popular markets called “Al-Balad Souks” witnessed a significant purchase movement, with the approaching Eid.

Customers see that the popular souks provide a variety of options, whether in prices or goods, compared to the major centers and markets.

Jewelry shops in Jeddah’s popular markets attract a large number of residents and visitors, who buy gold, ornaments, jewelry and accessories, while the owners of handicrafts and traditional industries master the manufacture of pottery, antiques and some other popular gifts.

Shops, centers and markets in the Tabuk region were dressed with joy and traditional decorations to welcome shoppers, with the start of the countdown to Eid Al-Fitr.

The residents flocked to the shops to buy the finest fragrances, incense and Oud, as part of a tradition to perfume homes to welcome visitors, relatives and friends.

Similarly, markets and commercial complexes in the cities of Arar and Hail (northern Saudi Arabia) witnessed an increasing demand for clothes, personal supplies, gifts, children’s toys, and others, in preparation for Eid al-Fitr.



Gold Steady as Focus Shifts to US Data for Economic Cues

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 Steady as Focus Shifts to US Data for Economic Cues

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 were little changed on Monday, while investors awaited a slew of US economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's stance on interest rates.
Spot gold held its ground at $2,635.39 per ounce by 0510 GMT. US gold futures dropped 0.2% to $2,646.80.
How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
"There is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold."
The US jobs report, due on Friday, is expected to provide more clues to the Fed's rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.
Investors are also awaiting ADP hiring and job openings data, as well as minutes of the Fed's last policy meeting for further direction.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
US President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold's upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
The US central bank's benchmark policy rate should stay restrictive until it is more certain that inflation is returning to its 2% target, Richmond Federal Reserve President Thomas Barkin said on Friday.
Spot silver was down 0.2% at $29.57 per ounce, platinum dipped 0.7% to $931.30 and palladium fell 0.4% to $918.22.