Gold prices retreated in Saudi Arabia, during early trading today, Thursday, with the yellow metal falling globally.
The announcement of additional positive results for a vaccine prepared by the American company Pfizer for the Corona virus suddenly extinguished the gold luster for investors.
The price of a gram of 24 carat gold in Saudi Arabia decreased today, Thursday, to about 223.33 riyals ($ 59.55), compared to about 226.78 riyals ($ 60.48) on Wednesday.
The price of a gram of 21 carat gold, the best-selling in the Kingdom, fell to about 195.15 riyals ($ 52.04), compared to about 198.44 riyals ($ 52.92) yesterday.
The price of a gram of 18 carat gold followed the wave of decline in prices, to record about 167.01 riyals ($ 44.53), compared to about 170.09 riyals ($ 45.36).
Economic gold prices
The price of a gram of 14 carat gold in Saudi Arabia on Thursday morning decreased to about 130.11 riyals (34.88 dollars) compared to about 132.29 riyals (35.28 dollars) on Wednesday.
The price of an ounce and a pound of gold
The price of an ounce in Saudi Arabia fell to about 7013.75 riyals (1871 dollars), compared to about 7053.75 riyals (1,881 dollars), the previous session.
The price of the gold pound (8 grams of 21 carat) fell to about 1580.89 riyals ($ 421.03), compared to about 1587.49 riyals ($ 423.33), on Wednesday.
The yellow metal declined globally
Gold prices fell by more than $ 11 when settling transactions on Wednesday, with the positive news about the Coronavirus vaccine.
The prices of the yellow metal fluctuated between ups and downs during trading, with monitoring the rise in Corona injuries on the one hand, and positive developments regarding the vaccine on the other hand.
However, the precious metal retreated when the session was settled, with investors focusing on the announcement of “Pfizer” that the final experiments showed an effectiveness of about 95% for its potential Corona virus vaccine.
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