Slightly, gold prices increased in Saudi Arabia today, Sunday, amid anticipation of global price trends for the precious metal.
Global gold prices fell at the last close – Friday – by more than one percent, while the rise of the dollar continued, casting a shadow over the demand for gold as a hedge against inflation, after US President-elect Joe Biden announced a new stimulus package worth 1.9 billion dollars.
The price of a gram of 24 carat gold in Saudi Arabia was about 220.39 riyals ($ 58.77), and the price of a gram of 21 carat gold (the most traded in the Kingdom) was about 192.84 riyals ($ 51.43).
While the price of a gram of 18 carat gold in Saudi Arabia was 165.30 riyals (44.08 dollars), while a gram of 14-carat gold was recorded at 128.56 riyals (34.28 dollars).
An ounce and a pound of gold
The price of an ounce in Saudi Arabia was about 6855.50 riyals ($ 1828).
As for the price of the pound of gold (8 grams of 21 carat), it recorded 1542.23 riyals (410.40 dollars).
The spot price of gold fell 1 percent at the last close – Friday – to $ 1827.9 an ounce, after it had fallen earlier in the day by up to 1.3 percent, while US gold futures contracts were settled down 1.2 percent at $ 1829.9.
Prince Muhammad bin Salman bin Abdulaziz, Crown Prince of Saudi Arabia, Deputy Prime Minister and Minister of Defense, said that major investment opportunities in the Kingdom will reach $ 6 trillion over the next ten years.
This came during the participation of Prince Mohammed bin Salman in a strategic dialogue session within the activities of the World Economic Forum last Wednesday, in the presence of more than 160 influential international business leaders and entrepreneurs, representing 28 sectors and 36 countries.
The Saudi Crown Prince stated that 85% of this huge economic program will be funded by the Public Investment Fund and the Saudi private sector, while the remaining percentage will be through stimulating foreign capital from Gulf countries and all countries of the world, to enter into investments in promising sectors and traditional sectors with efficiency, In light of the Kingdom’s intention to rise to the leadership position in renewable energy, the fourth industrial revolution, tourism, transportation, entertainment and sports.