On Tuesday evening, gold fell more than 1% in the spot market, after US President Donald Trump said he would stop negotiating an economic package to ease the repercussions of Corona until after the elections.
The Saudi gold market is one of the largest markets in the region in consuming the yellow metal, and it ranks first in the Arab world and third in the world after the United States and India.
In Saudi Arabia, the average price of a gram of 24 carat gold was about 227.82 riyals, about 60.74 dollars, compared to 231 riyals (61.60 dollars) yesterday, and the prices before calculating the “workmanship” of the seller.
Economic gold
The price of a gram of 21 carat gold was about 199.35 riyals, about 53.15 dollars, compared to 202.13 riyals (53.90 dollars), on Tuesday.
The price of a gram of 18 carat gold in Saudi Arabia was about 170.87 riyals, about 45.55 dollars, compared to 173.25 (46.20 dollars), in Tuesday’s trading.
A new banknote
On Monday, the Saudis began dealing with the new five-riyal bill, made of polymer, plastic, along with the five-riyal denomination currently in circulation, as an official legal currency.
The data of the preliminary budget of the Kingdom of Saudi Arabia for the next year 2021 confirmed that the Kingdom’s financial expenditures during the next year will decline to less than one trillion riyals for the first time in 3 years.
The price of an ounce and a pound of gold
The price of an ounce of gold (an ounce) in Saudi Arabia was about 7,085 riyals, about 1,889 dollars, compared to 7 thousand and 185 riyals (1916 dollars) yesterday.
The price of the pound of gold in Saudi Arabia (8 grams of 21 carat) was about 1,595 riyals, about 425.16 dollars, compared to 1617.03 riyals (431.21 dollars) yesterday.
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