Gold prices in Saudi Arabia fell slightly during early trading this morning, Saturday, amid the stability of the precious metal prices globally.
The global gold price stabilized, after the rising expectations of adopting an American stimulus package, compensated for the precious metal’s losses due to the rise of the strong dollar.
The average price of a gram of 24 carat gold in Saudi Arabia decreased to 229.2 riyals (61.12 dollars), compared to about 229.56 riyals (61.20 dollars), on Friday.
The price of a gram of 21 carat gold, the best-selling in the Kingdom, fell to the level of 200.55 riyals ($ 53.48), compared to 200.82 riyals ($ 53.54) on Friday.
As for the price of a gram of 18 carat gold, it was recorded in the Saudi market 171.9 riyals ($ 45.84), compared to about 172.13 riyals ($ 45.89) at the close of Friday’s trading.
The price of a gram of 14 carat gold decreased to 133.7 riyals ($ 35.65), compared to about 133.88 riyals ($ 35.70) yesterday.
The price of an ounce and a pound of gold
The price of an ounce in the Saudi market fell to 7,128.75 riyals (1901 dollars), compared to about 7,137.36 riyals (1,903 dollars) at the end of Friday’s trading.
As for the price of the pound of gold (8 grams of 21 carat), it decreased to 1604.37 riyals (427.83 dollars), compared to about 1606 riyals (428.20 dollars), at the close of Friday.
Gold prices worldwide
Globally, there was little change in Thursday’s trading on gold in spot transactions, which recorded 1903.36 dollars an ounce (an ounce) by 06:31 GMT, after dropping more than 1% in the previous session.
While US gold futures rose 0.01% to $ 1905.80.
Gold, seen as a hedge in the face of potential inflation, is up 0.3% for the week.
“Fears about the rise in COVID-19 infections and the increased likelihood of a Democratic victory in the US elections, which is likely to result in greater stimulus and a weaker dollar, are helping gold to rise,” said Cameron Alexander, director of commodity research at Refinitiv Metals Research.
He added that “indications of a possible agreement (of stimulus in the US) earlier may have provided some upward momentum.”
The dollar index rose 0.1% against a basket of major currencies, which increases the cost of gold to holders of other currencies.
The market’s focus now shifts to the US presidential election, scheduled for November 3, after US President Donald Trump and his Democratic rival, Joe Biden, presented sharply contrasting views on the pandemic in the final presidential debate.