Gold prices in Saudi Arabia today, Sunday, August 16, 2020

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Economy

Al Ain News – Al Ain News
Gold prices stabilized in Saudi Arabia, today, Sunday, after a series of declines in parallel with the descent of the yellow metal in global markets.

The price of a gram of 24-carat gold in Saudi Arabia was 234.65 riyals (62.57 dollars), which is the same as the price level on Saturday, compared to 235.60 riyals during last Friday’s trading.

The price of a gram of 21-carat gold, the best selling in Saudi Arabia, was 205.32 riyals (54.75 dollars), compared to 206.16 riyals last Friday.

The price of a gram of 18 carat gold was about 175.99 riyals (46.93 dollars) compared to 176.71 riyals during Friday’s trading.

The price of an ounce of gold (an ounce) in Saudi Arabia was 7297 riyals (1946 dollars) compared to 7327 riyals, while the price of the pound of gold was recorded at 1643 riyals (437.97 dollars).

Gold prices worldwide

During last Friday’s trading, the last trading sessions of the week, global gold prices recorded their worst weekly performance since last March, as demand for the precious metal declined due to a jump in US Treasury bonds and a US financing package to support the economy affected by the Corona virus.

In spot transactions, gold fell 0.5% to 1943.18 dollars an ounce, and US gold futures were settled, down 1%, to 1949.80 dollars.

The precious metal has lost 4.5% this week, after reaching an unprecedented peak of $ 2,072.50 on August 7th and making gains over the past nine weeks.

Nor was gold, which is considered a safe haven, supported by weak economic data from everywhere, including US retail sales data.

The yield on record 10-year US Treasury bonds rose to their highest levels in 7 weeks, while hopes of a new package of US aid linked to the Corona virus faded after it began a congressional recess.

Rising returns increases the opportunity cost of holding assets that do not yield yields such as gold, which has gained more than 28% since the start of the year.

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