Gold prices in Saudi Arabia today, Tuesday 28 July 2020

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Economy

Al Ain newsletter
Gold prices in Saudi Arabia amended Tuesday, the curve of the rise to decline slightly, starting today, after a historic day for the yellow metal transactions globally, where yesterday recorded a record price is the highest since 2011.

Retreat Price per gram of gold caliber (24) In the kingdom during early trading, it recorded 233.78 riyals ($ 62.43), compared to about 234.31 riyals ($ 62.48) yesterday.

He fell Gram price caliber (21) The bestseller reached 204.55 riyals ($ 54.55), compared to 205 riyals ($ 54.66) yesterday.

Also, gram of 18 carat gold went down to 175.33 riyals (46.76 dollars), compared to 175.73 riyals (46.86 dollars) on Monday.

Gold price per ounce

وبلغ Gold price per ounce 7271.20 riyals (1938.99 dollars), while the pound recorded “21 carat” gold about 1636.43 riyals (436.38 dollars).

Gold prices worldwide

Globally, gold prices hit record highs yesterday, Monday, with the rift between the United States and China, while a weak dollar pushed investors to seek safety in the yellow metal as a hedge in the face of the threats to the global economy, which suffers from the Covid-19 pandemic.

And gold jumped in the immediate trading to a record level at 1945.16 dollars an ounce (ounce) before retreating slightly to 1935.80 dollars in the late trading session, but it remains 1.8% above its level at the beginning of the session.

And gold rose in US futures contracts 1.8% to settle at the settlement of $ 1931 an ounce.

Analysts believe that the precious metal is close to the summit of “2000 dollars.”

Sony Commari, commodity strategist at ANZ, said gold was “in an excellent position to move up” amid the virus crisis and central banks seeking liquidity.

“It gets more support from lower yields, a weaker dollar, and geopolitical tension between the United States and China. Demand for (gold) safe havens is increasing while there is no longer demand for the US dollar,” she added.

The US currency fell to its lowest level in nearly two years with increasing bets that the Federal Reserve will signal another policy shift towards easing when it meets this week, which involves keeping interest rates low for a longer period.





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