Gold prices stabilized today in Saudi Arabia, during morning trading on Sunday, August 21, 2022, coinciding with the closure of global markets for the precious metal.
And the global gold markets are on holiday on Saturday and Sunday.
The gold price today in Saudi Arabia
The price of a gram of 24-carat gold today in Saudi Arabia remained at the level of 211.18 riyals ($56.23), compared to the same price at the close of trading yesterday, Saturday, according to the “gold-price-today” platform for monitoring gold prices.
And the price of a gram of 18 karat gold today in Saudi Arabia recorded the level of 158.38 riyals ($ 42.17), the same price that it recorded at the end of trading yesterday.
As for economic gold prices today in Saudi Arabia, the price of a gram of 14 karat gold scored regarding 123.19 riyals ($ 32.80), and the price of a gram of 12 karat gold recorded regarding 105.59 riyals ($ 28.11).
The price of 21 karat gold today in Saudi Arabia
The price of a gram of 21 karat gold today in Saudi Arabia (the most traded in the Kingdom) settled at the level of 184.78 riyals ($49.20), compared to the same price at the end of trading yesterday, Saturday.
The price of an ounce today in Saudi Arabia is regarding 6568 riyals (1749 dollars), and the price of the gold pound today in Saudi Arabia (8 grams of 21 karat) is regarding 1478 riyals (393.59 dollars).
Global gold prices
The precious metal recorded its first weekly decline in a month during last week’s trading.
Gold prices fell to their lowest level in three weeks during trading last Friday (the end of trading week).
This decline comes in light of the rise in the dollar and the rise in US Treasury yields.
During Friday’s trading, spot gold fell 0.66% to $1,747.06 an ounce, declining for the fifth consecutive session, in what may be the longest consecutive losing streak since November 2021.
US gold futures also fell 0.47% to $1,762.9.
Gold prices were pressured by the dollar’s return to gains and a steady rise in the US 10-year Treasury bond yields, which led to the non-yielding yellow metal falling by 2.7% this week.
And Craig Erlam, senior market analyst at Oanda, said that the precious metal “has shown some resistance during the past week at times and may rebound quickly if the dollar increase subsides.”
A number of Federal Reserve officials said on Thursday that the central bank needs to continue raising interest rates to control high inflation.
Gold is strongly affected by the rise in US interest rates, which leads to an increase in the opportunity cost of owning the yellow metal, which does not yield a return.
Among other precious metals, silver lost regarding 7.6% during the past week, in what may be the largest loss since September 2020.
