Gold prices rose in Saudi Arabia, during early trading today, Saturday, slightly, with the rise in the price of the precious metal globally.
The price of a gram of 24 carat gold increased during early trading on Saturday morning in Saudi Arabia, to about 227.51 riyals ($ 60.67), compared to 226.27 riyals ($ 60.33), on Friday.
The price of a gram of 21 carat gold, the best-selling in Saudi Arabia, was about 199.07 riyals ($ 53.09), compared to about 197.98 riyals ($ 52.79), at the end of Friday’s trading.
The price of a gram of 18 carat gold followed the wave of slight rise in prices, to record about 170.63 riyals ($ 45.50), compared to about 169.70 riyals ($ 45.25) yesterday.
Economic gold prices
The price of a gram of 14-carat gold in Saudi Arabia on Saturday morning was about 132.71 riyals ($ 35.39), compared to about 131.99 riyals ($ 35.19), at the close of Friday’s trading.
The price of an ounce and a pound of gold
The price of an ounce in the Saudi market during the beginning of trading on Saturday was about 7076.25 riyals (1887 dollars), compared to about 7039.21 riyals (1876.94 dollars), yesterday.
The price of the gold pound (8 grams of 21 carat) came at a level of about 1592.55 riyals (424.68 dollars), compared to about 1583 riyals (422.09 dollars), on Friday.
Gold prices worldwide
Global gold prices have increased by more than 30% since the outbreak of the Corona pandemic (Covid-19), as it was considered a safe haven for savings, at the time of the pandemic.
The yellow metal is heading towards its first weekly loss since September, as it boosted hopes for a vaccine for high-risk assets earlier this week.
By 06:01 GMT Friday, gold rose in spot trading 0.2% to $ 1879.11 an ounce. For the week, gold fell 3.7%.
“There is some limited shift in the psyche of the market,” said Edward Meer, analyst at ED&F Capital Markets, adding that people are realizing that a large distribution of the vaccine will take time while the need to create a state of relief is “immediate”.
“The fact that there is no stimulus coming seems to curb (gold), if Congress does indeed reach a limited package, that would be beneficial,” Mir added.
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