Gold prices rose today in Saudi Arabia, Saturday, November 13, 2021, despite the decline in the prices of the precious metal globally.
The gold price today in Saudi Arabia
A gram of 24 karat gold in Saudi Arabia amounted to 224.98 riyals ($ 59.99).
And the price of a gram of 21 karat gold (the most traded in the market) was 196.85 riyals ($52.49).
The price of a gram of 18 karat gold also rose to 168.73 riyals ($ 45).
In terms of economic gold transactions, a gram of 14 karat gold amounted to about 131.24 riyals ($35).
Gold price per ounce and pound
And the price of an ounce of gold in Saudi Arabia rose to 7001.25 riyals (1867 dollars).
And the price of the gold pound recorded this morning’s trading in Saudi Arabia, 1574.83 riyals (419.95 dollars).
Global gold prices
Globally, gold prices fell on Friday (the closing of the week’s trading) under pressure from the dollar’s strength, but it is heading towards recording the largest weekly jump in six months, with concerns about the rise in consumer prices in the United States, which led to an appetite for the yellow metal as a hedge in the face of inflation.
And gold fell in immediate transactions 0.3% to $ 1856.20 an ounce, after jumping to a 5-month peak on Wednesday. US gold futures fell 0.3% to $1,857.90.
The dollar index rose to its highest level since July 2020, which put pressure on gold by increasing its cost to buyers of other currencies.
But the yellow metal is still on track to record the largest weekly gain since the seventh of May, after consumer prices in the United States last month recorded the highest jump in one year in 30 years.
“Inflation is driven by supply chain issues and until those chains open up there will be continued price pressure and that should support gold,” said Stephen Innes, managing partner at SBI Asset Management.
The sharp rise in inflation has prompted investors to raise bets that the Federal Reserve will raise interest rates sooner than expected.
Raising interest rates will likely reduce the attractiveness of gold, as higher interest increases the opportunity cost of non-yielding yellow metal holders.
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