Gold prices in Saudi Arabia fell sharply in early trading On Friday, as the price of the precious metal fell globally.
The price of 24 per gram of gold in the Kingdom was 213.64 riyals ($56.97), compared to 217.38 riyals ($57.97) at the close of Thursday’s trading.
The price of 21 per gram of gold (the most traded in the Kingdom) fell to 186.94 riyals ($49.85), compared to 190.21 riyals ($50.72) at yesterday’s close.
The price of 18 per gram of gold was at 160.23 riyals ($42.73), compared to 163.03 riyals ($43.48) at the last close.
The price of 14-carat gold in Saudi Arabia, 124.62 riyals ($33.23) and 12-carat gold, was recorded at 107.01 riyals ($28.53).
Ounces and pounds gold
The price of an ounce in Saudi Arabia was 6,648.75 riyals ($1,773), compared to 6,765 riyals ($1,804) at the close of yesterday’s trading.
The pound fell gold (8 grams of 21 caliber) to 1495.50 riyals ($398.80), compared to 1521.66 riyals ($405.78) at thursday’s close.
Globally, gold fell on Thursday as U.S. Treasury yields hovered near a one-year peak, weakening the attractiveness of the yellow metal, but the dollar’s decline and the Federal Reserve’s pledge of a policy of easing the decline.
Gold fell yesterday, in spot trading, 0.4% to $1,797.73 an ounce by 0540 GMT.
U.S. gold futures fell 0.1% to $1,795.90.
“Longer-term returns are a key pressure on precious metals,” said Margaret Young, strategist at DailyFix. She added that hopes of improved economic activity and prices may push yields higher.