Gold prices rose in Saudi Arabia, today, Thursday, due to the gains of the global precious metal.
The price of a gram of 24 carat gold in the Kingdom increased to 217.86 riyals ($ 58.10), compared to 217.74 riyals ($ 58.06) yesterday.
The best-selling 21-carat gold gram rose to 190.63 riyals ($ 50.83), compared to 190.52 riyals ($ 50.81), on Wednesday.
The price of a gram of 18 carat gold rose to 163.40 riyals ($ 43.57), compared to 163.31 riyals ($ 43.55) in yesterday’s trading.
The price of a gram of 14-carat gold was about 127.09 riyals (33.89 dollars), compared to 127.02 riyals (33.87 dollars).
As it increased, the price of an ounce in the Kingdom reached 6776.25 riyals (1807 dollars), compared to 6772.50 riyals (1806 dollars), on Wednesday.
The price of the gold pound (8 grams of 21 carat) rose to about 1525.03 riyals (406.68 dollars), compared to about 1524.19 riyals (406.45 dollars), in yesterday’s trading.
The Saudi economy grew by 1.2% on a quarterly basis, according to government data.
– Expectations of the continuing rise in global prices
Gold rose on Wednesday after witnessing a decline in previous sessions, as the weak dollar compensated for the shift to stocks and high-risk assets in light of optimism for an economic recovery thanks to Corona virus vaccines.
Gold rose in the spot market 0.2% to $ 1811 an ounce. On Tuesday, the yellow metal fell to its lowest level since July 17 at $ 1800.01.
US gold futures also rose 0.2% to $ 1808.80.
The dollar index fell 0.2%, making gold cheaper for holders of other currencies.
Lower interest rates reduce the opportunity cost of holding gold that is not yielding a return. Gold has risen more than 18% this year thanks to its position as a hedge against inflation, which has been stimulated by the launch of massive financial stimulus programs globally.
Goldman Sachs said prices should rise again “as more signs of inflation emerge”.
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