Gold prices stabilized in Saudi Arabia, during early trading today, Sunday, in conjunction with the stability of the precious metal prices globally.
The price of a gram of 24 carat gold stabilized during early trading on Sunday morning in Saudi Arabia, at the level of 227.51 riyals ($ 60.67), compared to 226.27 riyals ($ 60.33), during the day’s trading on Friday.
The price of a gram of 21-carat gold, the best-selling in Saudi Arabia, was about 199.07 riyals ($ 53.09), and the price of a gram of 18 carat gold followed the slight rise in prices, to record about 170.63 riyals ($ 45.50).
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).
The price of an ounce and a pound of gold
The price of an ounce in the Saudi market during the beginning of Sunday’s trading was about 7076.25 riyals (1,887 dollars).
The price of the pound of gold (8 grams of 21 carat) came at a level of about 1596.55 riyals (424.68 dollars).
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 price of gold suffered its first weekly loss since September, as it boosted hopes for a vaccine for high-risk assets earlier this week.
At the end of the week’s trading, 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 realize that a large distribution of the vaccine will take time while the need to create a state of relief is “immediate”.
Mir added, “The fact that there is no stimulus coming seems to curb (gold), if Congress does indeed reach a limited package, that would be beneficial
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