Gold prices fell in Saudi Arabia, during early trading today, Thursday, despite the fluctuation of the precious metal prices globally, with the decline of the dollar index.
The price of a gram of 24 carat gold in Saudi Arabia was about 226.3 riyals ($ 60.31), while the average price of a gram of 21 carat gold, the best-selling, was about 198.1 riyals ($ 52.4).
As for the price of a gram of 18 carat gold, it was recorded about 169.73 riyals (44.88 dollars), and the price of a gram of 14 carat gold was about 132.1 riyals (34.8 dollars).
The price of an ounce and a pound of gold
The price of an ounce in the Saudi market rose to about 7038.75 riyals (1877 dollars).
As for the price of the pound of gold in Saudi Arabia (8 grams of 21 carat), it rose to about 1584.11 riyals (422.4 dollars).
International gold prices
Globally, gold prices stabilized unchanged from Wednesday’s close, as prices on the spot market reached $ 1,877.07 an ounce, by 0705 GMT. While it rose in futures trading in the United States 0.2% to 1878.1 dollars.
The dollar index rose 0.6% after falling in trading Wednesday, under strong economic data from China and South Korea, which makes gold cheaper for holders of other currencies.
Gold, which is seen as a hedge in the face of potential inflation, increased by 0.3% last week.
The rises come to support a new wave of infections with the Coronavirus that threatens to slow the global economic recovery from the Covid-19 pandemic, adding to the appeal of the yellow metal as a safe haven.
Prices have risen more than 28% since the start of the year, and reached an all-time high of $ 2,074 last August.
The market’s focus is now shifting to the US presidential election, scheduled for November 3, after US President Donald Trump and his Democratic rival, Joe Biden, presented strongly contrasting views on the pandemic in the final presidential debate on Thursday.
A large number of countries, including the United States, Russia and France, announced record numbers of Covid-19 cases, forcing some to impose new restrictions that threaten to derail the global economic recovery.