Gold prices fell in Saudi Arabia today, Tuesday, April 13, 2021, despite the stability of the precious metal prices globally.
The price of a gram of 24 carat gold in the Kingdom was about 207.98 riyals (55.46 dollars), compared to 209.42 riyals (55.85 dollars), yesterday.
The price of a gram of 21 carat gold (the most traded in the Kingdom) was about 181.98 riyals (48.53 dollars), compared to 183.24 riyals (48.87 dollars), yesterday.
The price of a gram of 18 carat gold was about 155.98 riyals (41.60 dollars), compared to 157.07 riyals (41.88 dollars), yesterday.
The price of a gram of 14 carat gold was about 121.32 riyals (32.35 dollars), compared to 122.16 riyals (32.58 dollars), yesterday.
An ounce and a pound of gold
The price of an ounce of gold (an ounce) in Saudi Arabia was about 6472.50 riyals (1726 dollars).
The price of the pound of gold (8 grams of 21 carat), registered 1455.83 riyals (388.22 dollars).
Gold prices worldwide
Gold prices stabilized today, Tuesday, as participants in market operations continued to refrain from trading ahead of the release of inflation data in the United States, which is expected to shed more light on the recovery in the world’s largest economies.
Gold was little changed in spot transactions, to be by 0354 GMT at $ 1731.69 an ounce, while the rise in US Treasury bonds yields support coming from expectations of rising inflation.
US gold futures were also settled at $ 1732.80 an ounce.
“Gold is supported by expectations of higher inflation figures than the data due to be released later,” said Stephen Ins, chief global market analyst at financial services company Axi.
A survey published by the Federal Reserve Bank of New York on Monday concluded that US consumer inflation expectations rose again in March after gradual increases in recent months, and that they have become more positive about the labor market.
“It is difficult to imagine that gold will not rise today if the data shows an increase in inflation, but there is a high possibility that it will bounce off this path later this week if the retail sales data showed positive on Thursday,” said Ins.
And putting pressure on gold, US Treasury yields rose, which increases the opportunity cost of acquiring the metal that does not yield a return.