Gold prices in Saudi Arabia today, Sunday 26 July 2020

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Economy

Al Ain newsletter
Gold prices stabilized in Saudi Arabia on Sunday, after a wave of ascension coinciding with the rise of the yellow metal, which is considered a safe haven among the radical economic changes the world is witnessing due to the spread of corona, in addition to the renewed trade war between the United States and China.

The price of a gram of 24 carat gold settled in the Saudi market during early trading today, to record 229.42 riyals (61.17 dollars) compared to 227.08 riyals in trading last Friday.

The price of a gram of 21-carat gold in the Middle East and Saudi Arabia was about 200.75 riyals ($ 52.98) compared to 198.70 riyals during trading last Friday.

The gram of 18 carat gold scored about 172.07 riyals ($ 45.41), compared to 170.31 riyals during trading last Friday, amid expectations of a new rise in prices during the summer season.

And about the low-cost gold prices in Saudi Arabia, the price of a gram of 14-carat gold was 133.83 riyals (35.68 dollars), and 12-carat gold recorded 114.71 riyals (30.58 dollars).

The price of an ounce in early trading today reached the level of 7 thousand and 135 riyals ($ 1902), and the price of a kilo of gold recorded 229 thousand and 421 riyals at about (61 thousand and 167 dollars).

Gold prices worldwide

During the weekend’s transactions last Friday, gold broke through the $ 1900 barrier for an ounce for the first time since 2011, and according to Reuters, gold rose in immediate transactions 0.7% to $ 1899.68 an ounce by 1800 GMT, after reaching $ 1905.99, which is Highest since September 2011.

Prices are heading for a 5% increase on a weekly basis, the best performance since the week ending March 27, and US gold futures contracts were settled 0.4% higher at 1897.5.

The rise in the prices of the yellow metal comes amid the aggravation of the American-Chinese dispute and fears that the already staggering global economy may be affected by the Corona virus pandemic.

“Worries of a further economic slowdown due to the growing bitter US-China dispute is a reason why we are likely to continue global government and monetary support for a longer period,” said Tai Woong, director of commodity derivatives of base and precious metals at BMO.

In a new escalation, China has ordered the United States to close its consulate in Chengdu, in response to a US demand by China to close its consulate in Houston.





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