Gold prices in Saudi Arabia today, Thursday 21 May 2020

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Economie

Al Ain newsletter
Gold prices stabilized in Saudi Arabia, today, Thursday, at yesterday’s levels, with a global recovery in the prices of the yellow metal, supported by the rise of oil prices.

The price of gold “24 carat” in Saudi Arabia scored about 209.04 riyals (55.64 dollars), while the price of 21 carat gold reached 182.85 riyals (48.56 dollars).

While the price of an ounce of gold in Saudi Arabia reached 6 thousand and 503 riyals (1730 dollars), while the pound recorded gold about 1463 riyals (389.48 dollars).

Whereas the price of 18 carat gold is about 157 riyals, approximately 41 dollars.

Oil prices continued to rise amid signs that producers are reducing production as promised and improving demand, with more countries relaxing restrictions to tackle the Corona pandemic.

Official data showed that Saudi Arabia’s exports of crude oil rose in March by 113 thousand barrels per day to 7.391 million barrels per day, compared to 7.278 million barrels per day in February.

Globally, City Research predicts that gold prices will rise in the medium term and may exceed $ 2000 an ounce in 2021 as central bank cuts to interest rates and blurry macroeconomic expectations have boosted demand for safe haven.

“Interest rates and monetary policy of the Federal Reserve are two main drivers of the outlook for the rise of the gold market and will remain structural support in the medium term,” City said in a note.

Huge stimulus measures by central banks around the world and cutting them have pushed interest rates to support the economy, hit by the Corona virus, to its highest levels in more than seven years in mid-April and gold has risen 12 percent since the start of the year.





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