Gold prices rose in Saudi Arabia, at the beginning of today’s trading, Thursday, March 25, 2021, with the support of global price increases.
The price of a gram of 24 carat gold in the Kingdom today, Thursday, is about 209.06 riyals (55.75 dollars).
The price of a gram of 21 carat gold (the most traded in the Kingdom) rose to 182.93 riyals ($ 48.78).
The price of a gram of 18-carat gold also fell, recording 156.80 riyals ($ 41.81).
The price of a gram of 14 carat gold rose to 121.95 riyals ($ 32.52).
An ounce and a pound of gold
The price of an ounce in Saudi Arabia rose to 6506.25 riyals (1735 dollars).
The price of the pound of gold (8 grams of 21 carat) in Saudi Arabia increased to 1,463.43 riyals (390.25 dollars).
Gold is climbing globally
Gold prices rose on Wednesday, with US Treasury bond yields stabilizing near their lowest level in a week, while the metal ignored the dollar’s rise in the wake of Federal Reserve Chairman Jerome Powell’s assertion that the rate of inflation will not get out of control.
Gold rose in the spot market 0.2% to $ 1730.25 an ounce by 0640 GMT. And US gold futures rose 0.2% to $ 1728.60 an ounce.
Jigar Trivedi, commodity analyst at brokerage firm Anand Rathi Shares in Mumbai, said that the decline in yields “contributes to keeping gold higher and there is a raging struggle between bettors on rising and falling prices from these levels.”
“The rise of the dollar overshadowed the decline in 10-year bond yields,” he added.
Bond yields fell to the lowest level since March 16th, while the dollar crossed its highest level in two weeks after Powell told the US Congress on Tuesday that he expects the rate of inflation to rise during the year, but the increase “will not be very large or permanent.”