Gold prices in Saudi Arabia today, Monday, October 5, 2020

Gold prices in Saudi Arabia today, Monday, October 5, 2020
Gold prices in Saudi Arabia today, Monday, October 5, 2020
Gold prices increased in Saudi Arabia, today, Monday, at a time when global markets for the yellow metal are awaiting developments in the health of US President Donald , who was infected with the Corona virus.

In the Kingdom’s markets, the average gram of 24 carat gold was about 229.13 riyals (61.09 dollars), compared with 228.8 riyals (61.02 dollars) on Sunday, and the prices before calculating the “workmanship” of the seller.

According to data, 21-carat gold amounted to about 200.49 riyals per gram, equivalent to $ 53.45, while a gram of 18-carat gold was about 171.85 riyals ($ 45.82).

The price of an ounce and a pound of gold

The price of an ounce of gold (an ounce) in Saudi Arabia was about 7126.5 thousand riyals (1900 dollars), while the gold pound (8 grams of 21 carat) decreased to 1604.83 riyals (427.62 dollars).

The Saudi gold market is one of the largest markets in the region and the world in consuming the yellow metal, and it ranks first in the Arab world and third in the world after the United States and India.

The preliminary budget data for the Kingdom next year 2021 predicted a marked improvement in financial revenues to 846 billion Saudi riyals (225.6 billion dollars), an increase of 76 billion riyals (20.26 billion dollars) over the 2020 estimates, from 770 billion riyals (205.33 billion dollars) estimated in 2020 .

According to data issued by the Saudi Ministry of Finance in a presentation of the preliminary budget for next year, the financial expenditures of the Kingdom during the next year will decline to less than a trillion riyals for the first time in three years.

The Ministry of Finance estimated current expenditures during the next year at 990 billion riyals (264 billion dollars), down from 1.068 trillion riyals (284.8 billion US dollars) this year’s forecast.

Globally, the attention of the gold markets is also turning towards a US agreement on aid related to the Corona virus.

“Gold is likely to remain in a limited range in the short term, it will wait for the market and follow the news,” said Tae Wong, director of base and precious metals derivatives trading at BMO.

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