Gold prices stabilized in Saudi Arabia today, Sunday, after a slight decline during the past days due to the vibration of the yellow metal in global markets.
The stability of gold prices in Saudi Arabia comes in light of the weekends for the global stock markets of the precious metal on Saturday and Sunday.
Gold prices in the Saudi market are linked to global gold prices, and the price of the US dollar also globally, as it is the first and main controller for the increase and decrease in global stock market shares and the decline and rise in gold prices.
Gold prices vary in Saudi Arabia according to the different seasons of the year, according to the seasons, but prices tend to decline with the approaching distribution of Corona vaccines.
Gold prices in Saudi Arabia
The price of a gram of 24 carat gold in the Kingdom settled at 215.45 riyals ($ 57.45).
The best-selling 21 carat gold gram remained at 188.52 riyals ($ 50.27).
The price of a gram of 18 carat gold is fixed at 161.59 riyals ($ 43.09).
The price of a gram of 14 carat gold was 125.68 riyals ($ 33.51).
The price of an ounce and a pound of gold
The price of an ounce in the Kingdom remained at 6701.25 riyals (1,787 dollars).
The price of the pound of gold (8 grams of 21 carat) also stabilized at 1508.16 riyals.
Globally, gold prices plunged yesterday, Friday, by 2%, approaching the lowest level in 5 months, depositing the “important level”.
Gold fell below the important technical level at $ 1,800 an ounce, sparking a massive sell-off.
“As soon as prices fell below the important $ 1,800 level, this sparked a sell-off,” said Craig Erlam, an analyst at Oanda.
He continued, “It is likely that the price will test the level of 1750 dollars in light of a strong fundamental factor such as the vaccine.”
Investors are selling the metal in anticipation of a vaccine to prevent the virus and a smooth transition to the US presidency.
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