Gold prices in Saudi Arabia fell during early trading today, Friday, March 5, 2021, with continued US pressure on the metal prices globally.
The price of a gram of 24 carat gold in the Kingdom was 204.84 riyals (54.62 dollars), compared to 206.53 riyals (55.07 dollars) yesterday.
The price of a gram of 21 carat gold (the most traded in the Kingdom) fell to 179.24 riyals ($ 47.80), compared to 180.71 riyals ($ 48.19) on Thursday.
The price of an 18-carat gram fell to about 153.63 riyals ($ 40.97), compared to 154.90 riyals ($ 41.31).
The price of a gram of 14-carat gold in Saudi Arabia was 119.49 riyals (31.86 dollars), compared to 120.48 riyals (32.13 dollars).
An ounce and a pound of gold
The price of an ounce in Saudi Arabia fell to 6375 riyals (1700 dollars), compared to 6427.50 riyals (1714 dollars).
The price of the pound of gold (8 grams of 21 carat) decreased to about 1433.89 riyals (382.37 dollars), compared to 1445.70 riyals (385.52 dollars).
Gold prices worldwide
Gold prices fell, today, Friday, to the lowest level in nearly 9 months, and is heading for a decline for the third week in a row.
This comes in light of the rise in the dollar and bond yields, after statements by Jerome Powell, Chairman of the Federal Reserve (US Central Bank), in which he said that the increase in returns does not disturb the system.
The price of gold in spot transactions fell 0.3% to $ 1692.13 an ounce by 0515 GMT, after falling to its lowest level since the eighth of June at $ 1686.40. Since the beginning of the week, gold has fallen 2.3%, and US gold futures have fallen 0.6% to $ 1690.40.