Gold prices in Saudi Arabia increased during early trading on Sunday, after the precious metal recovered globally at the latest close.
The price of 24-caliber gold in the Kingdom was 215.09 riyals (57.36), compared to 214.61 riyals (57.23) on Saturday.
The price of 21 per gram of gold (the most traded in Saudi Arabia) rose to 188.20 riyals ($50.19), compared to 187.78 riyals ($50.07) yesterday.
The price of a 18-gauge gram rose to about 161.32 riyals ($43.92), compared to 160.96 riyals ($42.92) yesterday.
The price of 14-carat gold rose to 125.47 riyals ($33.38).
Ounces and pounds gold
The price of an ounce (ounce) in Saudi Arabia was 6,693.75 riyals ($1,785), and the price of the pound gold (8 grams of 21 caliber) was about 1505.25 riyals ($401.60).
At the latest close – Friday – Gold prices recovered from more than seven-month lows as the dollar fell, but rising U.S. bond yields kept the metal on track to record its worst weekly performance since early January.
Gold in spot trading climbed 0.2 percent to $1,778.36 an ounce by 1822 GMT, after touching its lowest level since July 2 to $1,759.29 earlier in the session.
“The decline in the US dollar probably led to the rise of gold,” said Bart Melick, commodities strategist at TD Securities, adding that the move may also be technical in nature.