Gold prices in Saudi Arabia continued to rise on Thursday, supported by the rise of the precious metal globally, after doubts about progress in the US stimulus.
The price of a gram of 24 carat gold in the Kingdom rose to 220.39 riyals ($ 58.77), compared to 218.60 riyals ($ 58.28) yesterday.
Gold prices differ in Saudi Arabia according to the different seasons and regions, and these prices are prior to calculating the “workmanship” of the seller.
And the price of a gram of 21 carat gold (the most traded in the Kingdom), it rose to 192.84 riyals ($ 51.43), compared to 191.44 riyals ($ 51.04) on Wednesday.
The price of a gram of 18 carat gold was about 165.30 riyals (44.08 dollars), compared to 164.09 riyals (43.74 dollars).
Economic gold
The price of a gram of 14 carat gold increased to 128.56 riyals (34.28 dollars), compared to 127.63 riyals (34.02 dollars) yesterday.
The price of an ounce and a pound of gold
The price of an ounce on the Saudi market was about 6855 riyals (1828 dollars), compared to 6808.92 riyals (1815.16 dollars) yesterday.
The price of the gold pound (8 grams of 21 carat) in the Saudi market rose to about 1542.76 riyals (411.40 dollars), compared to 1531 riyals (408.28 dollars) on Wednesday.
Globally, gold rose at the end of Wednesday’s trading to its highest level in more than a week, supported by the dollar’s decline, while indications of progress in discussions on a new US stimulus package to mitigate the repercussions of the Covid-19 pandemic strengthened the appetite for the precious metal as a hedge against potential inflation.
By 1200 GMT, spot gold rose 0.6% to $ 1825.41 an ounce, after reaching $ 1832.20 an ounce earlier, its highest since last November 24.
And US gold futures rose 0.6% to 1829.30 dollars an ounce.
Gold recorded its worst monthly performance in four years last November, due to optimism about an economic recovery supported by the start of using anti-Coronavirus vaccines.
Britain became the first country in the world today, Wednesday, to approve the vaccine produced by Pfizer and Biontech.
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