Gold prices in Saudi Arabia fell during early trading on Wednesday, despite the rise in the price of the precious metal globally.
The price of 24 per gram of gold in the Kingdom was 217.60 riyals ($58.02), compared to 218.22 riyals ($58.19) at the close of trading on Tuesday.
The price of 21 per gram of gold (the most traded in the Kingdom) fell to 190.40 riyals ($50.77), compared to 190.95 riyals ($50.92) at tuesday’s close.
The price of 18-carat gold was at 163.20 riyals ($43.51), compared to 163.67 riyals ($43.64) at the close of yesterday’s trading.
Global gold prices
Gold gained on Wednesday, hovering near its highest level in a week in the previous session, as the attractiveness of the yellow metal was boosted by remarks made by Jerome Powell, chairman of the Federal Reserve, saying that the U.S. economy still needs support.
Gold in spot trading climbed 0.2 percent to $1,808.15 an ounce by 0552 GMT, after hitting its highest level since February 16 at $1,815.63 on Tuesday. U.S. gold futures rose 0.1 percent to $1,808.40.
The price of 14-carat gold in Saudi Arabia was 126.93 riyals ($33.84), 12-carat gold was priced at 108.80 riyals ($29.01) and 10.67 riyals ($24.17) was recorded.
Ounces and pounds gold
The price of an ounce in Saudi Arabia was 6772.01 riyals ($1,805.69), compared to 6,791.25 riyals ($1,811) at the close of yesterday’s trading.
The price of the pound gold (8 grams of caliber 21) fell to 1523.2 riyals ($406.12) from 1527.57 riyals ($407.35) at the close of yesterday’s trading.