Gold prices in Saudi Arabia stabilized on Saturday, March 6, 2021, as the price of precious metal fell globally at the end of the week’s trading on Friday.
Gold prices fell on Friday to their lowest level in nearly 9 months, and the yellow metal is heading down for the third week in a row.
This comes against the backdrop of a rise in the dollar and bond yields following remarks by Jerome Powell, chairman of the Federal Reserve (Us Central Bank), that the increase in yields does not disturb the system.
The price of 24-carat gold in the Kingdom on Saturday was 204.84 riyals ($54.62).
The price of 21-carat gold (the most traded in the Kingdom) remained at about 179.24 riyals ($47.80).
The price of an 18-gauge gram in Saudi Arabia on Saturday was 153.63 riyals (40.97 dollars).
The price of a gram of 14-carat gold in Saudi Arabia on Saturday was 119.49 riyals (31.86 dollars).
Ounces and pounds gold
The price of an ounce in Saudi Arabia on Saturday remained at around 6,375 riyals (1,700 dollars).
The pound also settled gold (8 grams of 21 caliber) at about 1433.89 riyals ($382.37).
Globally, the price of gold in spot transactions fell 0.3% to $1,692.13 an ounce on Friday – the close of the week- after falling to its lowest level since June 8 at $1,686.40.
Since the beginning of the week, gold has fallen 2.3%, and U.S. gold futures have fallen 0.6% to $1,690.40.
For other precious metals, silver fell 0.5% to $25.17 an ounce and fell 5% a week, the worst performance since late November 2020.