Gold prices stabilized in Saudi Arabia, at the beginning of trading today, Monday, June 21, 2021, with anticipation of transactions at the beginning of the week in global markets.
The price of a gram of 24 karat gold in the Kingdom today, Monday, was about 212.56 riyals ($ 56.68).
The price of a gram of 21 karat gold (the best seller in the Kingdom) also stabilized, recording 185.99 riyals ($49.60).
And the price of a gram of 18 karat gold remained at the level of 159.42 riyals ($ 42.51).
As for economic gold prices in Saudi Arabia, 14 karat stabilized at 123.99 riyals ($33.06).
Gold ounce and pound
The price of an ounce of gold in Saudi Arabia stabilized, recording 6,615 riyals (1,764).
And the price of the gold pound in Saudi Arabia (8 grams of 21 karat) remained at 1487.90 riyals (396.77 dollars).
Gold prices rose at the end of the week’s trading, Friday, by 1% after the dollar’s rise stopped to catch its breath in compensating for some of its large losses driven by the Federal Reserve’s shift towards a monetary tightening tone.
And gold rose in immediate transactions 1.1% to 1792 dollars an ounce (an ounce).
“Gold was helped by some bargaining after sales of the yellow metal and the dollar’s rise, which was paused,” said Georgette Pouilly, an analyst at ABN Amro.
And the US central bank indicated last Wednesday that it would consider reducing its asset purchase program at every meeting it holds, and forwarded expectations for the first post-pandemic interest rate increases to 2023.
After the monetary tightening comments from the Federal Reserve, the dollar jumped to its highest level in two months and is heading towards its best week in nearly 9 months.