The price of 18 carat gold recorded about 155 ٫ 17 riyals is about 41.38 dollars, while the price of 14 carat gold scored about 120.68 riyals, about 32.18 dollars.
The price of an ounce of gold in the Saudi market was 6 thousand and 838 riyals, equivalent to $ 1.716, while the pound of 21 carat gold recorded about 1448 riyals, equivalent to $ 386.19.
Globally, the ounce price reached $ 1,716.54, down by 0.3% by 10:22 GMT, according to data from Gold Price World.
And gold fell in immediate transactions 0.1% to 1714.20 dollars an ounce by 0634 GMT, after jumping 0.8% in the previous session due to Powell’s bleak vision of the economic recovery opportunities from the repercussions of the Corona virus. US gold futures rose 0.4% to $ 1723.80.
While City Research predicts that gold prices will rise in the medium term and may exceed $ 2000 an ounce in 2021, supported by central banks cutting interest rates and foggy macroeconomic expectations, demand for safe haven.
“Interest rates and monetary policy of the Federal Reserve are two main drivers of the future outlook for the rise of the gold market and will remain structural support in the medium term,” the bank said in a note dated May 12.
He attributed the large rise in the prices of the yellow metal to the huge stimulus measures by central banks around the world and cut interest rates to support the economy that was affected by the Corona virus, according to Reuters.
Gold rose to its highest level in more than 7 years in mid-April last, and achieved a 12% increase since the beginning of the year.