Gold prices in Saudi Arabia decreased slightly in early trading Saturday morning, at a time when the precious metal is heading towards its first weekly loss in 3 weeks.
The price of a gram of 24-carat gold was about 299.07 riyals (61.09 dollars), compared to 229.69 riyals (61.23 dollars) during Friday’s trading.
As for the price of a gram of 21 carat gold, it was recorded about 200.44 pounds (53.45 dollars), compared to 200.98 riyals (53.57 dollars), in yesterday’s trading.
The price of the most popular 18-carat gold gram in Saudi Arabia was about 171.81 riyals ($ 45.81), compared to 172.27 riyals ($ 45.92).
Globally, gold prices fell, on Friday, and it appears heading towards its first weekly loss in 3 weeks, while the dollar is sticking to its rise while providing more financial stimulus in the United States seems unlikely before the presidential elections.
And gold fell in immediate transactions 0.2% to 1903.24 dollars an ounce by 0631 GMT, losing 1.4% since the beginning of this week. US gold futures fell 0.1% to $ 1,907.50.
“There is some additional bullishness in the dollar and that is an opposite factor for gold, in addition to the ongoing (US) stimulus negotiations that have not resulted in progress,” said Edward Moya, senior market analyst at Oanda.
“Everyone agrees that there will be no agreement before the elections,” he added.
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