Gold prices in Saudi Arabia witnessed an increase today, during the beginning of trading Thursday, May 19, 2022.
The price of a gram of 24 karat gold today in Saudi Arabia, during the beginning of Thursday’s trading, rose to 219.07 riyals (58.4 dollars), compared to 218.43 riyals ($ 58.28) at the end of trading yesterday, Wednesday.
The price of a gram of 18 karat gold today in Saudi Arabia rose to 164.31 riyals ($ 43.8), compared to 163.83 riyals ($ 43.68) at the close of trading on Wednesday.
And economic gold prices reached today in Saudi Arabia, the price of a gram of 14 karat gold recorded about 127.79 riyals ($ 34.07), and the price of a gram of 12 karat gold recorded about 109.54 riyals ($ 29.2).
And the price of a gram of 21 karat gold today in Saudi Arabia (the most traded in the market), recorded about 191.69 riyals (51.1 dollars).
The price of an ounce today in Saudi Arabia reached 6813 riyals (1816 dollars), and the price of the gold pound today in Saudi Arabia (8 grams of 21 karat) reached 1534 riyals ($408.8).
Gold prices fell globally during Thursday’s trading, with the continued pressures on the yellow metal due to expectations of more interest rate hikes.
Spot gold was trading at $1,814.88 an ounce.
Bilal Hafeez, CEO of research firm MacroHive, asserts that there is a strong bias towards safe haven assets at the moment.
US Treasuries also rose overnight and were largely flat in Asia, leaving the benchmark 10-year Treasury yield at 2.9076%.
The two-year yield, which rose as traders expected Fed funds rates to rise, rose to 2.6800% compared to the US close of 2.667%.