Gold prices decreased in Saudi Arabia today, Saturday, April 10, 2021, with the global price of the precious metal declining.
Globally, gold prices fell, on Friday (the end of the week’s trading), due to strong economic data from China that boosted hopes for a quick recovery.
The price of a gram of 24 carat gold in the Kingdom was about 210.15 riyals (56.04 dollars), compared to 209.90 riyals (55.97 dollars) yesterday.
The price of a gram of 21 carat gold (the most traded in the Kingdom) was recorded at 183.88 riyals ($ 49.03), compared to about 185.14 riyals ($ 49.37), yesterday.
The price of a gram of 18 carat gold decreased to 157.61 riyals ($ 42.03), compared to 158.69 riyals ($ 42.32), yesterday.
The price of a gram of 14 carat gold fell to about 122.59 riyals (32.69 dollars), compared to about 123.43 riyals (32.91 dollars), yesterday.
An ounce and a pound of gold
The price of an ounce of gold (an ounce) in Saudi Arabia was about 6540 riyals (1744 dollars), compared to about 6585 riyals (1756 dollars), yesterday.
The price of the gold pound (8 grams of 21 carat) fell to 1,471.02 riyals (392.27 dollars), compared to 1481.15 riyals (394.97 dollars), yesterday.
Gold prices worldwide
Globally, gold fell on Friday in immediate transactions 0.4% to 1748.81 dollars an ounce, after reaching its highest level since the first of March at 1758.45 dollars an ounce on Thursday. And US gold futures fell 0.5% to $ 1748.70 an ounce.
“Gold is facing some adverse factors due to optimism about the recovery story due to strong data coming from the United States and China,” said Ravindra Rao, vice president of commodities at Cuttack Securities.
But the metal gained about 1.2% this week, after losses it incurred over two weeks.
Brian Lan, managing director at Gold Silver Central Trading, said, “(The decline in) the dollar and treasury yields helped gold this week in addition to the Federal Reserve’s rhetoric that favors monetary easing. Moreover, the general isolation measures in Europe and parts of Asia came with some negative results for vaccines.” .
And strong economic data recently, driven by massive stimulus measures, has chilled the safe-haven demand for gold.
Fed Chairman Jerome Powell hinted yesterday that the central bank is far from reducing its support for the US economy and warned that the anticipated price increase this year is likely to be temporary.