Gold prices in Saudi Arabia continued their decline on Friday, affected by the decline of the yellow metal globally due to the rise of the dollar and the uncertainty of the US stimulus.
The price of a gram of 24 carat gold in Saudi Arabia was about 225.32 riyals (60.08 dollars) compared to 226.3 riyals (60.31 dollars) at the close of trading on Thursday.
The average price of a gram of 21 carat gold, the best selling in the Kingdom, was about 197.15 riyals ($ 52.57), compared to 198.1 riyals ($ 52.4), yesterday.
As for the price of a gram of 18 carat gold, it was recorded about 168.99 riyals (45.06 dollars) compared to 169.73 riyals (44.88 dollars) yesterday, and the price of a gram of 14 carat gold was about 131.44 riyals (35.05 dollars) compared to 132.1 riyals (34.8 dollars) at the close of trading Thursday.
The price of an ounce and a pound of gold
The price of an ounce during early trading on Friday morning in the Saudi market was about 7,002.71 riyals (1867.23 dollars), compared to 7038.75 riyals (1877 dollars) yesterday.
As for the price of the gold pound in Saudi Arabia (8 grams of 21 carat), it was recorded at 1,577.2 riyals (420.55 dollars) compared to 1584.11 riyals (422.4 dollars) at the close of Thursday’s trading.
Gold prices worldwide
Gold prices fell to their lowest levels in a month as they were affected by the rise of the dollar and the uncertainty surrounding an agreement for a new stimulus package in the United States, but concern about a jump in Covid-19 infections and the uncertainty ahead of the US elections limited the losses.
At the end of the trading session on Thursday, gold was in spot transactions, down 0.5% at $ 1867.30 an ounce, after falling earlier in the session to $ 1858.92, the lowest level since the twenty-eighth of September.
And US gold futures fell 0.6% to settle at $ 1868.00 an ounce.
The dollar index rose 0.7% to its highest level in about two months against its rivals, which makes gold more expensive for holders of other currencies.
Gold, which is often used as a safe store of value during times of political and financial turmoil, has registered gains of 24% this year amid unprecedented global levels of stimulus during the pandemic.
On the other hand, data showed that the US economy expanded at a record high rate in the third quarter and the latest weekly jobless claims fell more than expected.
Among other precious metals, silver fell 0.43% to $ 23.30 an ounce, while platinum fell 2.13% to $ 848.19, and palladium fell 1.95% to $ 2,194.00.