Gold prices rose in Saudi Arabia during morning trading on Wednesday, despite the decline in the prices of the precious metal globally.
The price of a gram of gold in the Kingdom of 24 carat increased to 229.80 riyals (dollars) at the beginning of trading Wednesday, compared to about 226.90 riyals (60.51 dollars) on Tuesday.
The price of a gram of 21 carat gold, the best selling in the Kingdom, rose to 201.07 riyals ($ 53.62), compared to 198.54 riyals ($ 52.94).
The price of a gram of 18-carat gold was about 172.35 riyals (45.96 dollars), compared to about 170.18 riyals (45.38 dollars), while the price of a gram of 14-carat gold was about 134.05 riyals (35.75 dollars).
An ounce and a pound of gold
The price of an ounce rose to 7147.50 riyals (1,906 dollars), compared to about 7,061.25 riyals (1,883 dollars).
As for the price of the pound of gold in Saudi Arabia (8 grams of 21 carat), it was recorded at 1608.59 riyals (428.96 dollars), compared to about 1588.33 riyals (423.55 dollars).
Saudi Arabia recorded financial revenues of more than half a trillion riyals during the first 9 months of 2020, despite the decline in oil prices in the market.
The total government expenditures for the Kingdom during the first nine months of this year were approximately 725.7 billion riyals ($ 193.6 billion), with a slight decrease, compared to 740 billion riyals (197.4 billion dollars) on an annual basis.
Remittances from foreign workers in Saudi Arabia increased last September by 29% to reach 13.21 billion riyals, compared to the same period in 2019.
The Saudi Arabian Monetary Agency “SAMA” said that the remittances of foreigners, who number about 10 million workers, recorded an increase during the month of September by 835 million riyals, and by 7 percent compared to last August.
Saudi Arabia was among the top 40 economies in the world over the past year, according to World Bank data.
Falling dollar
Globally, gold has received support from the falling dollar, as investors are betting on Biden’s victory, which may inject a greater stimulus to the economy affected by the virus.
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