Saudi Arabia Stresses Food, Water Supplies Unaffected by Virus

Fish on display at a market in Saudi Arabia. (SPA)
Fish on display at a market in Saudi Arabia. (SPA)
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Saudi Arabia Stresses Food, Water Supplies Unaffected by Virus

Fish on display at a market in Saudi Arabia. (SPA)
Fish on display at a market in Saudi Arabia. (SPA)

Saudi Arabia stressed that the pumping water, as well as agricultural activity and supply chains, are operating regularly and are unaffected by the coronavirus outbreak. It added that operations on food security projects were working at the highest levels amid the global pandemic.

According to the Minister of Environment, Water and Agriculture Abdulrahman al-Fadhli, the ministry’s various sectors are working smoothly and in continuous coordination to secure food and water supplies.

While inspecting food security projects in Riyadh, Fadhli said water pumping is operating smoothly throughout the Kingdom, with 9.7 million cubic meters being provided daily. Operations at desalination plants are moving smoothly.

On the agriculture sector, Fadhli said that the Saudi Grains Organization (SAGO) is capable, when needed, to produce about 270,000 flour bags, weighing 45 kilograms each, per day.

A statement by the ministry, a copy of which was obtained by Asharq Al-Awsat, revealed that the Kingdom’s storage capacity of wheat stands at about 3.3 million tons, with production at 15,100 tons per day.

On fresh food, the ministry said the country can produce over 180,000 tons of various vegetables per month.

There are no shortages in the market, it stressed. Poultry production is at 3.5 billion chickens and 15 million eggs per day. Milk production exceeds 7.5 million liters and seafood 437 tons per day.



Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
TT

Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.