The price of a gram of 24 carat gold rose to record 232.33 riyals (61.95 dollars), compared to 230.20 riyals (61.37 dollars) at Friday’s close, and the prices before calculating the “workmanship” of the seller.
The price of a gram of 21 carat gold, the best selling in the Kingdom, during the beginning of Friday’s trading, rose to 203.29 riyals (46.47 dollars) compared to 201.43 riyals (53.70 dollars) at the close of Friday trading.
The price of a gram of 18 carat gold, the most popular in the Saudi market, increased to 174.25 riyals ($ 46.47), compared to 172.65 riyals ($ 46.02) at the close of Friday’s trading.
The selling price of an ounce of gold in Saudi Arabia was about 7 thousand 226.25 riyals (1927 dollars), and the purchase price was about 7 thousand and 230 riyals (1928 dollars).
The price of the pound of gold was 8 grams of 21 carat in Saudi Arabia: 1,626.31 riyals ($ 433.68).
Globally, gold prices jumped on Friday, by about 2%, while the dollar tumbled to its lowest level in nearly 3 weeks.
Bets increased on new stimulus in the United States, prompting investors to buy the precious metal to hedge against possible inflation.
Spot gold rose 1.8% to 1927.51 dollars an ounce.
The yellow metal is on its way to achieving its second consecutive weekly gain, which may reach 1.5%.
And gold in US futures rose 2.1% to $ 1934.
US President Donald Trump has called for a “meager” aid package that could include a bailout for the troubled airline sector, after talks with Democrats over a comprehensive aid package were halted earlier this week.
Besides, a major advance for US Democratic presidential candidate Joe Biden raised the prospects for more stimulus, increasing gold’s appeal.
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