Gold prices in Saudi Arabia on Friday, March 12, 2021

Gold prices fell in Saudi Arabia at the beginning of trading on Friday, March 12, 2021, as the precious metal left the world for a week’ summit.

Globally, gold fell on Friday, as rising Us and Dollar yields put pressure on the yellow metal, but it is heading for the best weekly performance in 7 weeks.

Spot gold prices fell 0.3% to $1,716.86 an ounce by 0546 GMT.

Metal prices fell to a nine-month low on Monday, but lower Treasury yields sparked a rebound in gold on a weekly gain of 1%.

Price of a gram of gold in Saudi Arabia today

The price of 24 per gram of gold in the Kingdom was 207.61 riyals ($55.36), compared to 208.10 riyals ($55.49) yesterday.

The price of 21 per gram of gold (the most traded in the Kingdom) fell to 181.66 riyals ($48.44), compared to 182.08 riyals ($48.56) on Thursday.

The price of 18-gauge gold fell to 155.71 riyals ($41.52), compared to 156.07 riyals ($41.62) yesterday.

Economic Gold
The price of 14-gauge gold at the beginning of Friday’s trading was 121.11 riyals ($32.30), compared to 121.39 riyals ($32.37) on Thursday.

Ounces and pounds gold
The price of an ounce in Saudi Arabia was about 6,461.25 riyals ($1,723), compared to 6,476.25 riyals ($1,727) in yesterday’s trading.

The price of the pound gold (8 grams of caliber 21) was about 1453.30 riyals ($387.55), compared to 1456.67 riyals ($388.45) yesterday.

Gold leaves the peak of a week
On Thursday, gold fell from a week-high, and by 1622 GMT, the spot price of gold was down 0.2% to $1,723.40 an ounce, after peaking earlier in March 3 at $1,739.63.

U.S. gold futures fell 0.1% to $1,720.40 an ounce.

“The yield on the 10-year Treasury bills has risen again, bringing stability to the dollar and getting gold,” said Tai Wong, a trader at investment bank BMO in New York.