Gold prices in Saudi Arabia stabilized during early trading on Monday, February 22, 2021, in anticipation of precious metal prices beginning the week.
The price of a gram of 24-carat gold in the Kingdom on Monday settled at 215.09 riyals ($57.36).
The price of 21 per gram of gold (the most traded in Saudi Arabia) remained at 188.20 riyals ($50.19).
The price of 18-carat gold in Saudi Arabia was at around 161.32 riyals ($43.92).
The price of 14-carat gold in Saudi Arabia was at 125.47 riyals ($33.38).
Ounces and pounds gold
The price of an ounce (ounce) in Saudi Arabia was about 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).
Gold prices rose at the latest close – Friday – recovering from more than 7-month lows as the dollar fell, but rising Us bond yields kept the metal on track for its worst weekly performance since early January.
Spot gold climbed 0.2% to $1,778.36 an ounce, 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.