According to traders, gold prices in the Kingdom decreased in varying proportions, as a gram of 24 carat gold decreased, recording 231.85 riyals (61.83 dollars), compared to 232.69 riyals (62.05 dollars) on Monday.
The price of a gram of 21-carat gold, the best selling in the Kingdom, was 202.87 riyals (54.10 dollars), compared to 203.61 riyals (54.29 dollars), in Monday’s trading, and the prices before calculating “workmanship.”
The price of a gram of 18 carat gold was about 173.89 riyals (46.37 dollars), compared to 174.52 riyals (46.54 dollars) yesterday.
The price of a pound of gold and an ounce
The price of an ounce of gold in Saudi Arabia was 7 thousand and 215 riyals (1924 dollars), compared to 7 thousand and 237.5 riyals (1930 dollars) on Monday.
While the price of the gold pound (8 grams of 21 carat) is about 1622.93 riyals (432.78), compared to 1628.84 riyals (434.63 dollars) during yesterday’s trading.
Gold prices worldwide
Gold fell from its highest level in 3 weeks, as expectations of an insufficient bill for a stimulus package to mitigate the repercussions of the Corona virus in the United States negatively affected the attractiveness of the precious metal, which is used as a tool to hedge inflation.
Gold fell in immediate transactions on Monday, 0.4% to 1921.70 dollars an ounce.
Gold is considered a hedge against inflation and a decline in currency values, and the yellow metal has recorded gains of more than 27% since the beginning of the year, supported by unprecedented stimulus measures globally to mitigate the economic repercussions of the Covid-19 pandemic.
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