Gold prices rose in Saudi Arabia during early trading today, Wednesday, March 3, 2021, in contradiction to the downward trend of global precious metal prices.
The price of a gram of 24 carat gold in the Kingdom was 209.30 riyals (55.81 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) rose to 183.14 riyals ($ 48.84), compared to 180.71 riyals ($ 48.19) yesterday.
The price of an 18-carat gram increased to about 156.98 riyals ($ 41.86), compared to 154.90 riyals ($ 41.31).
The price of a gram of 14-carat gold in Saudi Arabia was 122.09 riyals ($ 32.56), compared to 120.48 riyals ($ 32.13).
An ounce and a pound of gold
The price of an ounce in Saudi Arabia jumped to 6,513.75 riyals ($ 1737), compared to 6,427.50 riyals ($ 1714).
The price of the pound rose gold (8 grams of 21 carat) to about 1,465.11 riyals ($ 390.70), compared to 1445.70 riyals ($ 385.52).
Gold prices fell to their lowest level in 8 and a half months, Tuesday, as the rise of the dollar and US Treasury yields undermined investors’ appetite for the yellow metal that does not yield a return.
Gold fell in the spot market 0.3% to $ 1717.99 an ounce by 0633 GMT, after tumbling to its lowest level since June 15 at $ 1706.70 earlier in the session. And gold in US futures fell 0.4% to $ 1716.10.
Gold prices today … “yellow” retreats against “green” gains
Michael McCarthy, chief market strategist at CMC Markets, said that the possibility of achieving a higher yield is pressing on gold, while the rise of the dollar is contributing to its decline, adding that the slight decline in the 10-year yield is “too little to be taken into account.”