Gold prices rose in Saudi Arabia, at the beginning of trading today, Saturday 20 March 2021, slightly, despite the decline in the precious metal globally.
Globally, gold prices fell on Friday (the end of the week’s trading), as the dollar held on to the gains it had made in the previous session on the back of a rise in US Treasury revenues.
And the yellow metal, which is considered a safe haven, has come under more pressure due to the US Federal Reserve expecting a strong economic recovery.
The price of a gram of 24 carat gold in the Kingdom rose to 210.39 riyals ($ 56.10).
The price of a gram of 21 carat gold (the most traded in the Kingdom) rose, recording 184.09 riyals ($ 49.09).
The price of a gram of 18 carat gold increased to 157.79 ($ 42.08).
The price of a gram of 14 carat gold in Saudi Arabia rose today, Saturday, to 122.73 riyals ($ 32.73).
An ounce and a pound of gold
The price of an ounce in Saudi Arabia today, Saturday, is about 6547.50 riyals (1746 dollars).
The price of the pound of gold (8 grams of 21 carat) in Saudi Arabia was about 1472.71 riyals (392.72 dollars).
Gold prices worldwide
On Friday, gold fell in spot transactions 0.2% to $ 1733.74 an ounce, after reaching its highest level in two weeks at $ 1755.25 on Thursday. US gold futures fell 0.1% to $ 1731.50.
“The dollar is responding to higher yields as it normally does, but it is also reacting to a stronger US economic situation, which appears to be improving at a faster pace,” said Stephen Ince, chief global market strategist at Axi Financial Services.
The dollar index rebounded from its lowest level in two weeks, supported by high returns that have held near the highest level in more than a year, reducing the attractiveness of the yellow metal, which does not yield a return.
Returns jumped, as the Federal Open Market Committee pledged to press ahead with strong monetary stimulus, saying that high inflation in the near term would be temporary in light of expectations of the strongest economic growth for the United States in nearly 40 years.