Gold prices fell in Saudi Arabia, today, Wednesday, affected by the decline in the prices of the precious metal globally.
The price of a gram of 24 carat gold in the Kingdom decreased to 217.74 riyals ($ 58.06), compared to 221.84 riyals ($ 59.16) yesterday.
The best-selling 21-carat gold gram fell to 190.52 riyals ($ 50.81), compared to 194.11 riyals ($ 51.76), on Tuesday.
The price of a gram of 18 carat gold lost more than 3 riyals, to about 163.31 riyals ($ 43.55).
The price of a gram of 14 carat gold reached 127.02 riyals (33.87 dollars), compared to 129.41 riyals (34.51 dollars).
While the price of an ounce in the Kingdom reached 6772.50 riyals (18.06 dollars), compared to 6900 riyals (1840 dollars), on Tuesday.
The price of the pound of gold (8 grams of 21 carat) fell to about 1524.19 riyals ($ 406.45), compared to about 1552.88 riyals ($ 414.10), in yesterday’s trading.
The Saudi economy grew by 1.2 percent on a quarterly basis, according to government data.
The kingdom’s General Authority for Statistics said the economy expanded 1.2 percent on a quarterly basis, adjusted for seasonal factors in the third quarter from a 4.9 percent contraction in the previous quarter.
Fitch Ratings Agency said, in a previous report, that the strength and durability of Saudi Arabia’s public finances, and the flexibility of the financial policy, allow facing economic shocks.
Gold fell globally today, Wednesday, with the start of the official transition process of Joe Biden to the White House and optimism about vaccines for the Corona virus, which reduces the attractiveness of gold as a safe haven.
And gold fell in the spot market 0.1 percent to 1805 dollars an ounce by 0648 GMT. On Tuesday, the metal fell to its lowest level since July 17 at $ 1800.01.
And US gold futures fell 0.1 percent to $ 1802.80.