Gold prices fell in Saudi Arabia, at the beginning of trading today, Saturday, July 24, 2021, despite the stability of the precious metal prices globally.
A gram of 24 gold in Saudi Arabia decreased to 217.26 riyals ($ 57.94) compared to 217.63 riyals ($ 58.02) Thursday.
The price of a gram of 21 karat gold in Saudi Arabia
Price of a gram of 21 karat gold (the most traded in the Kingdom), fell to 190.10 riyals ($ 50.69), compared to 190.43 riyals ($ 50.77) yesterday.
As for a gram of 18 karat gold, it amounted to 162.94 riyals ($43.45).
Regarding economic gold prices, a gram of 14 karat gold in the Kingdom recorded 126.73 riyals ($ 33.80).
Gold price per ounce and pound
The price of an ounce in Saudi Arabia fell to 6757 riyals ($1803), compared to about 6768 riyals (1805 dollars).
The price of the gold pound in Saudi Arabia also fell to 1520.81 riyals ($405.55), compared to about 1523 riyals ($406.17).
Global Gold Prices
Gold prices recorded the first weekly decline in 5 weeks, despite their stability in trading on Friday, in global stock exchanges, as the rise of the dollar made the metal more expensive for holders of other currencies, and faced the support coming from the decline in US bond yields.
Price of gold settled in spot transactions, at about $ 1807.45 an ounce (an ounce) by 06:34 GMT.
At these prices, gold is down by 0.2% since the beginning of the week.
The dollar index is heading near its highest level in 3.5 months, against other major currencies, and is heading for the second weekly rise in a row.
“Fitch Solutions” expected, in a note, that gold will remain stuck within this range in the coming weeks. However, inflation will remain a major driver of gold prices in the coming months, supporting prices in the near term.