Gold prices in Saudi Arabia increased today, Saturday, October 2, 2021, in conjunction with the rise in the prices of the precious metal globally.
Gold price in Saudi Arabia
A gram of 24 karat gold in the Kingdom amounted to 212.20 riyals ($ 56.59).
As for a gram of 21 karat gold, (the most traded in the Saudi market), it amounted to about 185.67 riyals ($49.51).
The price of a gram of 18 karat gold was about 159.15 riyals ($ 42.44).
As for economic gold prices in the Kingdom, the price of a gram of 14 karat gold recorded about 123.78 riyals ($ 33.01).
The price of an ounce and a pound of gold in Saudi Arabia
And the price of an ounce (an ounce) scored about 6603.75 riyals (1761 dollars).
The price of the gold pound also recorded about 1485.37 riyals (396.10 dollars).
global gold prices
And gold rose in trading on Friday, as the decline of the dollar and concerns about rising inflation and risks to growth offset the impact of bets on the looming interest rate hike, which keeps the metal on the path to achieving slight weekly gains.
Spot gold rose 0.1% to $1,758.58 an ounce by 14:24 GMT.
US gold futures also increased, by 0.1% to $ 1759.
Reasons for the rise of gold
The dollar fell, which made gold less expensive for holders of other currencies, which supported demand.
And gold is on its way to recording its first weekly gain since last September 3, up about 0.6% so far, as the dollar’s decline yesterday helped it recover by about 2%.
Philip Strebel, senior market analyst at “Blue Line Futures” in Chicago, said that the dollar’s losses and the decline in bond yields keep the support of gold, while investors adjust their positions at the beginning of the fourth quarter of the year.
Supporting gold’s appetite, European and Asian stocks fell amid concerns about inflation and a possible slowdown in growth.
Silver and platinum prices
For other precious metals, silver increased 1% to $22.42 an ounce.
Platinum also rose 1% to $972.64 an ounce, while palladium fell 0.27% to $1904.60, both of which are on their way to record weekly losses.