Gold prices fell in Saudi Arabia, during early trading today, Friday, February 12, 2021, affected by the fall of the precious metal globally, amid the awakening of the dollar.
Globally, gold prices fell during trading on Thursday, as the dollar recovered from its lowest level in two weeks, which it reached in the previous session, and weaker inflation data in the United States discouraged the appetite for the yellow metal.
The price of a gram of 24 carat gold in the Kingdom decreased to 220.03 riyals ($ 58.68), compared to 222.08 riyals ($ 59.22), in yesterday’s trading.
The price of a gram of 21 carat gold (the most traded in Saudi Arabia) fell to 192.53 riyals ($ 51.34), compared to 194.32 riyals ($ 51.82), on Thursday.
The price of a gram of 18 carats decreased to 165.02 riyals (44.01 dollars), compared to 166.56 riyals (44.42 dollars), during yesterday’s trading.
The price of a gram of 14 karat gold in Saudi Arabia today is about 128.35 riyals ($ 34.23).
An ounce and a pound of gold
The price of an ounce in Saudi Arabia was 6847.50 riyals (1826 dollars), and the price of a pound of gold (8 grams of 21 carat) was 1540.23 riyals (410.73 dollars).
Gold prices worldwide
Globally, spot gold fell 0.3% to $ 1837.13 an ounce by 0636 GMT, after reaching its highest level in more than a week on Wednesday.
US gold futures fell 0.3% to $ 1837.40.
“The dollar recovered from its low level on Wednesday, which imposes some pressure on precious metals. Also, low liquidity due to the Chinese New Year holiday also puts pressure on prices,” said Margaret Yang, strategy at the Daily Fix.
Yang added that gold also lost some support as US data showed that inflation will not increase much in the future.
The US CPI for January was much lower than expected. Gold is a hedge against inflation.
Jerome Powell, chairman of the US Federal Reserve, emphasized in a speech on Wednesday the need for fiscal policy and said it was not the time to focus on matters of federal debt.
Investors are closely following the development of the passage of a $ 1.9 trillion coronavirus mitigation bill in the United States.