Gold prices fell in Saudi Arabia, during early trading today, Tuesday, despite the rise in the price of the precious metal globally.
The price of a gram of 24 carat gold in Saudi Arabia decreased to about 227.75 riyals ($ 60.73), compared to 228.23 riyals ($ 60.86) yesterday.
The price of a gram of 21 carat gold, the best selling in Saudi Arabia, fell to about 199.28 riyals ($ 53.14), compared to about 199.70 riyals ($ 53.25) on Monday.
The price of a gram of 18 carat gold followed the wave of decline in prices, to record about 170.81 riyals ($ 45.55), compared to about 171.17 riyals ($ 45.65) yesterday.
Economic gold prices
The price of a gram of 14 carat gold in Saudi Arabia fell on Tuesday morning to about 132.85 riyals ($ 35.43), compared to about 133.13 riyals ($ 35.50) on Monday.
The price of an ounce and a pound of gold
The price of an ounce in the Saudi market declined during the beginning of trading Tuesday to about 7083.75 riyals (1889 dollars), compared to about 7098.75 riyals (1893 dollars) yesterday.
The price of the gold pound (8 grams of 21 carat) fell to about 1594.24 riyals ($ 425.13), compared to about 1597.61 riyals yesterday ($ 426.03).
The yellow metal rises globally
Gold touched its highest level in a week, on Monday, in light of the dollar’s decline.
While the escalation of Coronavirus cases in the United States fueled concerns about the pandemic’s implications for the economic recovery, which supported hopes for more monetary stimulus.
“There are still problems inherent in the structures of economies, especially job creation, which is the biggest problem,” said Stephen Ince, chief global market strategist at Axi Financial Services.
He added, “Central banks must continue injecting liquidity into the markets to fill this gap between now and until a vaccine is found.”
By 05:40 GMT, the spot price of gold was up 0.2% to $ 1892.15 an ounce, after peaking since November 9 at $ 1898.81 earlier in the session.
US gold futures rose 0.3% to $ 1892.20.
The dollar index reached its lowest level in a week, which reduces the cost of the metal to holders of other currencies.
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