Gold prices in Saudi Arabia today, Saturday, August 8, 2020

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Economy

Al Ain newsletter
Gold prices decreased in Saudi Arabia, today, Saturday, in conjunction with the decline of the precious metal in the world after its rise to its highest level in 10 years, as the price of a gram of gold (24) fell by about 3 riyals at the beginning of trading.

The price of a gram of 24 carat gold in the Saudi market fell to 245.49 riyals, about 65.46 dollars, compared to 248.19 riyals, at the end of Friday’s trading.

As for the price of a gram of 21 carat gold, the best-selling in the Saudi and Middle Eastern markets, it also recorded a decline, reaching 214.81 riyals, about 57.28 dollars, compared to 217.16 riyals yesterday.

Regarding the price of the most popular 18-carat gold gram, it recorded 184.12 riyals, about 49.10 dollars, compared to 186.14 riyals at the end of Friday’s trading.

Gold is low cost

While the price of a gram of 14 carat gold in the precious metals market in the Kingdom of Saudi Arabia was 143.20 riyals (38.19 dollars), and for a carat (12), it was recorded at 122.74 riyals (32.73 dollars).

The price of an ounce and kilo

The price of an ounce of gold (an ounce) in early Saturday’s trading in the Saudi market recorded 7 thousand and 635 riyals at about (2036 dollars), while the price of a kilo of gold scored about 245 thousand and 486 riyals at about (65,460 thousand dollars)

Gold prices worldwide

Globally, gold lost more than 2% at the end of Friday’s trading, stopping a series of unprecedented gains, after an acceptable job report in the United States supported the dollar, but the deterioration of the pandemic situation kept prices on the path to achieving the longest series of weekly gains in about 10 years.

And after the spot price of gold recorded an unprecedented high of $ 2072.50 an ounce, it was by 1846 GMT, down 1.4% to $ 2033.89. It has increased 3% since the start of the week, in what will be its ninth consecutive weekly gain.

And US gold futures contracts were settled, down 2%, to $ 2028 an ounce.

The dollar recovered from a two-year low after data showed that US non-farm payrolls increased by 1.763 million in July, compared to a record increase of 4.971 million in June, due to renewed US-Chinese tension.

Adding to the pressure on gold, a new US aid package linked to the Corona virus has faltered.

The reason for the decline

“Once they agree on the stimulus, it will be negative for the dollar. The global economy is still very volatile, and as a result we will find more easy money, so it’s all negative for gold,” said Edward Mayer, an analyst at ED&F Man Capital Markets.

But he added that gold could still end the year at between $ 2,200 and $ 2,300.

The precious metal gained 34% this year amid the escalating cases of COVID-19, which has hurt global economies and prompted unprecedented stimulus measures.

In other precious metals, silver fell 3% to $ 28.07 an ounce, after reaching its highest levels since February 2013 at $ 29.84. Since the beginning of the week, it has increased 15.5%.

Platinum fell 4.1% to $ 957.36, while palladium fell 2.9% to $ 2156.97.





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