Gold prices rose in Saudi Arabia, today, Friday, due to the gains of the global precious metal.
The price of a gram of 24 carat gold in the Kingdom increased to 218.10 riyals ($ 58.16), compared to 217.86 riyals ($ 58.10) yesterday.
The best-selling 21-carat gold gram rose to 190.84 riyals ($ 50.89), compared to 190.63 riyals ($ 50.83), on Wednesday.
The price of a gram of 18 carat gold rose to 163.58 riyals ($ 43.62), compared to 163.40 riyals ($ 43.57) in yesterday’s trading.
The price of a gram of 14-carat gold was about 127.23 riyals (33.93 dollars), compared to 127.09 riyals (33.89 dollars).
As it increased, the price of an ounce in the Kingdom reached 6783.75 riyals (1809 dollars), compared to 6776.25 riyals (1807 dollars), on Wednesday.
The price of the gold pound (8 grams of 21 carat) rose to about 1526.72 riyals (407.13 dollars), compared to about 1525.03 riyals (406.68 dollars), in yesterday’s trading.
Global prices rise
Gold prices rose, yesterday, Thursday, supported by the decline in the dollar, as investors bet that the disappointing US jobs data and the increase in Covid-19 cases around the world are pushing the authorities to announce more stimulus measures.
Spot gold rose 0.2% to $ 1809.61 an ounce. US gold futures rose 0.1% to $ 1807.80.
“We noticed an improvement in risk appetite due to the optimism about the vaccine, and this was from the headwinds of gold,” said Harshall Barrott, South Asia research consultant at Metal Fox.
“But with the continued decline of the dollar, gold prices find a kind of support,” he added.
The dollar index fell 0.1% Thursday, which reinforces the appeal of gold to holders of other currencies.
Gold is seen as a hedge against inflation that is likely to result from massive stimulus measures.
Among the other precious metals, silver rose 0.3% to $ 23.38 an ounce. Platinum rose 0.4% to $ 967.15 and palladium profit 1.2%, to $ 2,368.68.