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.
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.