Gold prices rose in Saudi Arabia today, Friday, slightly, despite the decline in metal prices globally due to a wave of selling to reap profits.
The price of a gram of 24 carat gold in Saudi Arabia increased to 225.34 riyals ($ 60.09), while a gram for 22 carat gold recorded 206.56 riyals ($ 55.08).
The price of the 21-carat gram was 197.17 riyals ($ 52.58), and the 18-carat gold gram was 169 riyals ($ 45.07).
The price of a gram of 14-carat gold was approximately 131.45 riyals ($ 35.05).
Prices fall globally
Gold prices retreated, at the close of trading Thursday, from their highest level in two weeks, after selling to reap profits.
Investors sold to take profits after rising in the previous session, while expectations for further stimulus and the decline of the dollar limited losses.
According to Reuters, by 17:42 GMT, spot gold fell 0.4% to $ 1864.09 an ounce, after hitting its highest level since January 8 at $ 1874.86 earlier in the session.
Gold was up 1.7% on Wednesday.
US gold futures fell 0.2% to $ 1862.80 an ounce.
The dollar is falling
On the other hand, the dollar fell to a week’s low against competing currencies, making gold denominated in the US currency less expensive for investors holding other currencies.
“It’s just some slight profit taking after the recent rally in anticipation of further stimulus from the Biden administration,” said David Megir, director of metals trading at High Ridge Futures.
He continued: “However, the chances of increasing the stimulus and the decline of the dollar will continue to support gold if we expand the scope of vision.”
Joe Biden was sworn in as US president on Wednesday, as markets focus on his proposed $ 1.9 trillion stimulus package, which would require approval from a divided Congress.
Gold is considered a hedge against inflation, which may result from stimulus measures to mitigate the repercussions of the Corona pandemic.