Gold prices in Saudi Arabia fell in early trading Thursday, as the price of the precious metal fell globally.
The price of 24 per gram of gold in the Kingdom was 217.38 riyals ($57.97), compared to 217.60 riyals ($58.02) at the close of Wednesday trading.
The price of 21 per gram of gold (the most traded in the Kingdom) fell to 190.21 riyals ($50.72), compared to 190.40 riyals ($50.77) at yesterday’s close.
The price of 18 per gram of gold was at 163.03 riyals ($43.48), compared to 163.20 riyals ($43.51) at the last close.
The price of 14-carat gold in Saudi Arabia was 126.80 riyals ($33.81) and 12-carat gold was priced at 108.77 riyals ($29).
Ounces and pounds gold
The price of an ounce in Saudi Arabia was 6,765 riyals ($1,804), compared to 6,772.01 riyals ($1,805.69) at the close of yesterday’s trading.
The price of the pound gold (8 grams of 21 caliber) fell to 1521.66 riyals ($405.78) from 1523.2 riyals ($406.12) at the close of Wednesday trading.
Globally, gold suffered a 1% loss in spot transactions to $1,787.40 an ounce, after climbing 0.2% to $1,808.15 an ounce earlier Wednesday.
Gold on Tuesday hit its highest level since February 16 at $1,815.63, as the attractiveness of the yellow metal was boosted by remarks by Federal Reserve Chairman Jerome Powell that the U.S. economy still needs support.
An important decision.
Saudi Crown Prince Mohammed bin Salman on Wednesday evening issued an important decision on the development of his country’s tourism sector.
According to the official Saudi Press Agency (SPA), Prince Mohammed bin Salman, chairman of the Board of Directors of the Public Investment Fund, announced the launch of Al-Suda Development Company.
The company was launched with an investment of 11 billion riyals (about $3 billion), she said, noting that the company is wholly owned by the Public Investment Fund and aims to invest in infrastructure and develop the tourism and entertainment sectors.
The company will “develop the project area, which includes Al-Souda (a tourist village in the south-western region of Assir) and parts of The Brightmen Province, to become a luxurious mountain tourist destination characterized by its authentic culture, unique heritage and charming nature, and offer diverse residential and recreational options.”