Gold prices in Saudi Arabia rose again during early trading on Friday, despite the fall of the yellow metal globally.
The price of a gram of 24 carat gold in Saudi Arabia rose today, Friday, to about 224.85 riyals ($ 59.96), compared to about 223.33 riyals ($ 59.55) on Thursday.
The price of a gram of 21 carat gold, the best-selling in the Kingdom, increased to about 196.75 riyals ($ 52.47), compared to about 195.15 riyals ($ 52.04) yesterday.
The price of a gram of 18 carat gold rose to around 168.64 riyals ($ 44.97), compared to about 167.01 riyals ($ 44.53).
Yesterday, Thursday, the Saudi government decided to reconsider increasing the value-added tax after the end of the emerging coronavirus pandemic.
Majid bin Abdullah Al-Qasabi, the in-charge Saudi Minister of Information, said that the Kingdom will reconsider increasing the value-added tax after the end of the emerging Corona virus pandemic.
Economic gold prices
The price of a gram of 14 carat gold in Saudi Arabia rose to about 131.17 riyals (34.98 dollars), compared to about 130.11 riyals (34.88 dollars) yesterday.
The price of an ounce and a pound of gold
While the price of an ounce in Saudi Arabia fell to about 6993.75 riyals (1865 dollars), compared to about 7013.75 riyals (1871 dollars), the previous session.
The price of the gold pound (8 grams of 21 carat) fell to about 1573.98 riyals (419.73 dollars), compared to about 1580.89 riyals (421.03 dollars), on Thursday.
The yellow metal declined globally
Gold fell to its lowest level in a week yesterday, Thursday, as the encouraging developments related to Covid-19 vaccines boosted hopes for a faster recovery of the global economy despite the continued increase in cases of Coronavirus.
Gold prices fell in spot transactions yesterday at 0759 GMT 0.4% to $ 1863.12 an ounce, after hitting the lowest level since November 11 earlier in the session at $ 1857.16 an ounce, which puts it on a path to incur losses for the second Week in a row.
And US gold futures fell 0.6% to 1862.30 dollars an ounce.
US Secretary of Health and Human Services Alex Azar said on Wednesday that the two Covid-19 vaccines from Pfizer and Moderna may be ready to obtain a license for use in the United States within two weeks, paving the way to start vaccination before the end of this year.
Gold was also affected by the 0.2% rise in the dollar index. An index that tracks the performance of the dollar against a basket of currencies settled at 92.55, but near the weakest level since last August.
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