Gold prices in Saudi Arabia rose, at the beginning of trading today, Tuesday, June 8, 2021, in conjunction with the rise in the prices of the precious metal globally.
And the price of a gram of 24-carat gold in Saudi Arabia increased to about 228.95 riyals ($61.05).
The price of a gram of 21 karat gold in Saudi Arabia (the best seller in the Kingdom) rose to about 200.33 riyals ($ 53.42).
And the price of a gram of 18 karat gold in Saudi Arabia was about 171.72 riyals ($ 45.79).
As for gold prices, the economy in Saudi Arabia, 14 karat recorded about 133.56 riyals ($ 35.62).
The price of an ounce of gold in Saudi Arabia was about 7,121.25 riyals (1899 dollars).
And the price of the gold pound in Saudi Arabia (8 grams of 21 karat) was about 1602.68 riyals (427.38 dollars).
global gold prices
Globally, gold moved in a narrow range, while investors awaited inflation data in the United States and a clearer picture regarding when the Federal Reserve might begin to reduce economic support measures.
And the spot price of gold rose, in trading on Monday, by 0.50% to $ 1899.30 an ounce by 18:25 GMT.
Meanwhile, US gold futures rose 0.4% to settle at $1898.80.
The focus will remain on inflation as the US CPI report is scheduled for Thursday, and central banks’ meetings in Europe and Canada are scheduled.
Gold also received support from the decline in the dollar index, which may enhance the attractiveness of the precious metal to holders of other currencies.
In the long or medium term, “we may see more volatility in the stock markets, which will increase the value of gold as a safe haven and a tool to protect against inflation,” said Eugene Feinberg, analyst at Commerzbank.