Gold prices in Saudi Arabia fell in the beginning of trading today, Friday, April 23, 2021, in parallel with the decrease in the prices of the precious metal globally.
The price of a gram of 24 carat gold in the Kingdom decreased to 215.21 riyals ($ 57.39), compared to 216.29 riyals ($ 57.68), yesterday.
The price of a gram of 21 carat gold (the most traded in the Kingdom) fell to 188.31 riyals ($ 50.22), compared to 189.26 riyals ($ 50.47), on Thursday.
The price of a gram of 18 carat gold in Saudi Arabia decreased to 161.41 riyals ($ 43.04), compared to 162.22 riyals ($ 43.26), yesterday.
The price of a gram of 14 carat gold in the Kingdom decreased to 125.54 riyals ($ 33.48), compared to 126.17 riyals ($ 33.65), on Thursday.
An ounce and a pound of gold
The price of an ounce of gold (ounce) in Saudi Arabia fell to 6693.75 riyals ($ 1785), compared to 6731.25 riyals ($ 1795), yesterday.
The price of the gold pound (8 grams of 21 carat) also decreased to 1506.47 riyals (401.72 dollars) compared to 1514.06 riyals (403.75 dollars), yesterday.
Gold is falling globally
Yesterday, gold fell 1%, retreating from its highest level in two months, under pressure from the rise of the dollar and US Treasury yields.
The rise of the dollar and US Treasury yields hurt the appetite for the metal, while palladium remained near its highest levels ever.
According to Reuters, gold fell in spot transactions, by 0.7% to $ 1780.36 an ounce, after reaching its highest level since February 25, at $ 1797.67.
US futures fell, by 0.7%, to $ 1780.90 an ounce.
Edward Mayer, an analyst at ED & F Man Capital Markets, said: “The level of” $ 1800 was a bit of psychological resistance … both the dollar and the 10-year bond yields are slightly higher, and this is putting pressure on gold as well. ”