Gold prices in Saudi Arabia continued to decline, today, Wednesday, affected by the decline of the precious metal in the world, amid concern about the new US stimulus package.
Gold prices in Saudi Arabia are linked to prices on international stock exchanges, especially since most of the gold traded in the Kingdom is imported from Italy or India, which is characterized by its high quality and purity of its raw materials.
Gold prices in Saudi Arabia were affected in recent hours by the global decline in the prices of the yellow metal, amid concern about the new US stimulus package to ease the repercussions of the Covid-19 pandemic.
The price of a gram of 24-carat gold was about 222.98 riyals (59.44 dollars), compared to 223.65 riyals (59.64 dollars) at the close of trading on Tuesday.
The price of a gram of 21 carat gold fell to 195.11 riyals ($ 52.01), compared to 195.69 riyals ($ 52.18) at the close of trading on Tuesday.
The price of a gram of 18-carat gold was about 167.24 riyals (44.58 dollars), and the price of a 14-carat gram was about 130.07 riyals (34.67 dollars), the price of a gram of 12-carat gold was about 111.49 riyals (29.72 dollars), and the price of a gram of 10-carat gold was 92.91 riyals (24.77 Rial).
The price of an ounce and a pound of gold
The price of an ounce (an ounce) in the Kingdom was about 6937.20 riyals (1849.23 dollars), compared to 6960 riyals (1856 dollars) on Tuesday.
And the price of the pound of gold in Saudi Arabia (8 grams of 21 carat) scored about 1560.88 riyals (416.10 dollars), compared to 1565.54 riyals (417.48 dollars) at the close of trading yesterday.
Globally, gold trading recorded a limited range today, Wednesday, as market participants awaited the US Federal Reserve’s decision on monetary policy and developments related to a stimulus package to mitigate the repercussions of the Corona virus in the largest economy in the world.
Spot gold fell 0.1 percent to $ 1849.16 an ounce by 0642 GMT. US gold futures fell 0.2 percent to $ 1,847.50.
“It appears that gold is on hold, as investors await the Federal Reserve,” said Jeffrey Haley, chief market analyst at Oanda.