Gold prices continued to rise in Saudi Arabia, for a second day, during early trading today, Saturday, as the yellow metal rose again globally.
The price of a gram of 24 carat gold in Saudi Arabia rose today, Saturday, to about 225.58 riyals ($ 60.15), compared to about 224.85 riyals ($ 59.96), on Friday.
The price of a gram of 21 carat gold, the best selling in the Kingdom, increased to about 197.38 riyals ($ 52.63), compared to about 196.75 riyals ($ 52.47), yesterday.
The price of a gram of 18 carat gold rose to about 169.18 riyals ($ 45.12), compared to about 168.64 riyals ($ 44.97).
On Thursday, the Saudi government decided to reconsider increasing the value-added tax after the end of the emerging corona virus 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 131.59 riyals ($ 35.09), compared to about 131.17 riyals ($ 34.98) yesterday.
The price of an ounce and a pound of gold
While the price of an ounce in Saudi Arabia fell to about 7016.25 riyals (1871 dollars), compared to about 6993.75 riyals (1865 dollars), during the previous session.
The price of the pound of gold (8 grams of 21 carat) fell to about 1579.05 riyals (421.08 dollars), compared to about 1573.98 riyals (419.73 dollars), on Friday.
The yellow metal is rising again globally
Globally, gold prices rose again, at the close of trading on Friday, after increasing hopes for the approval of a new US stimulus.
Gold rose, after US Treasury Secretary Stephen Mnuchin indicated that negotiations on stimulus measures will continue, which supported the demand for the metal as a hedge against possible inflation.
Spot gold increased 0.3% to $ 1872.95 an ounce by 18:56 GMT, but remains down by 0.8% on a weekly basis.
The US gold futures contract increased Hls hg[lum07%to$187240[lum07%إلى187240دولار
David Major, director of metals trading at High Ridge Futures, said that gold was supported by the idea that stimulus talks are progressing again, confirming that central banks’ measures on liquidity and fiscal stimulus measures are still the driving force of the market.
Gold has decreased about 5% since positive reports of two Covid-19 vaccines from Pfizer and Moderna in the last 12 days.
Gold benefited this year mainly against the backdrop of the economic damage from the pandemic and the resulting global stimulus.
And gold, which is considered a hedge in the face of inflation and currency depreciation, has gained 23% since the beginning of the year, mainly benefiting from unprecedented stimulus measures that were unveiled to mitigate the impact of the pandemic.
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