A woman shows the newly minted gold bar with the image of the Holy Kaaba.
Gulf Today Report
Coinciding with the holy month of Ramadan, the British Royal Mint issued a gold ingot bearing the image of the Holy Kaaba.
The ingot issued by the Royal Mint weighs 20 grams, its price is 1119.10 pounds sterling, and it is contained in a protective package of an Islamic nature, and therefore it can be presented as a gift during Ramadan or Eid Al-Fitr.
As part of the launch, the Royal Mint donated three plates to be auctioned off at charity events, to raise funds for victims of the devastating earthquake that struck Turkey and Syria last month.
Director of Precious Metals at the Royal Mint, Andrew Dickey, said, “The month of Ramadan is a time of giving, so we are proud to support Islamic Relief, a leading Islamic charity, by donating gold Kaaba bars on three occasions in the UK and raising over £9,000.
He explained, "Drawing on more than 1,100 years of minting experience, we have applied our expert craftsmanship to create a beautiful representation of the Holy Kaaba, the holiest place on earth for Muslims."
He continued, "The Kaaba ingot made of gold, which is contained in a beautiful protective packaging of an Islamic nature, offers a special gift, allowing our customers to present a valuable gift of gold during Eid Al-Fitr, or as a safe investment by owning 999.9 grams of pure gold.”
Physical gold demand picked up slightly in most Asian hubs this week as a drop in prices spurred some interest, but failed to stoke significant demand as buyers awaited steeper dips.
Burglars have stolen a fully-functional 18-carat gold toilet from Britain's Blenheim Palace, where it had been installed as an art exhibit, police said on Saturday.
Demand for physical bullion was subdued in major Asian hubs this week as high prices dampened consumer interest, although some hefty discounts on offer in India led to a slight uptick in buying ahead of a major festival season.
Gold prices have hit a record high amid a rush for safe haven assets owing to the fears of a recession. Goehring & Rozencwajg, a research firm which focuses on investments in natural resources, says the great gold bull market has begun.
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