Gold prices fell in Saudi Arabia, during early trading today, Wednesday, affected by the fall in the prices of the precious metal globally.
The price of a gram of 24 carat gold in Saudi Arabia decreased today, Wednesday, to about 226.78 riyals ($ 60.48), compared to about 227.75 riyals ($ 60.73), on Tuesday.
The price of a gram of 21 carat gold, the best-selling in the Kingdom, fell to about 198.44 riyals ($ 52.92), compared to about 199.28 riyals ($ 53.14), on Tuesday.
The price of a gram of 18 carat gold followed the wave of decline in prices, to record about 170.09 riyals ($ 45.36), compared to about 170.81 riyals ($ 45.55), yesterday.
Economic gold prices
The price of a gram of 14 carat gold in Saudi Arabia on Wednesday morning decreased to about 132.29 riyals ($ 35.28), compared to about 132.85 riyals ($ 35.43), on Tuesday.
The price of an ounce and a pound of gold
The price of an ounce in Saudi Arabia fell to about 7053.75 riyals (1881 dollars), compared to about 7083.75 riyals (1889 dollars), yesterday.
The price of the gold pound (8 grams of 21 carat) fell to about 1587.49 riyals ($ 423.33), compared to about 1594.24 riyals ($ 425.13), on Tuesday.
The yellow metal has declined globally
Gold prices fell globally, on Tuesday, as the market’s optimism about a possible second vaccine for Covid-19 was offset by the weakness of the dollar and concerns about the rise in cases of Coronavirus globally.
In spot transactions, gold fell 0.1% to $ 1886.17 an ounce by 06:23 GMT.
While US gold futures fell 0.2% to $ 1884.50.
“Optimism about a Covid-19 vaccine dampens demand for the precious metal,” said Han Tan, an analyst at FXTM.
Tan added that an agenda led by Democrats in the US Senate may result in greater fiscal stimulus and thus support gold, while the US economic recovery thanks to the vaccine may revitalize the dollar again and push gold to levels below $ 1850.
The yellow metal was supported by a 0.1% decline in the dollar index.
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