The average gram of 24 carat gold in Saudi Arabia scored about 231.21 riyals (61.65 dollars) compared to 229.20 riyals (61.12 dollars) in Tuesday’s trading.
The best-selling 21-carat gold gram in the Kingdom rose to the level of 202.31 riyals ($ 53.94) compared to 200.55 riyals ($ 53.48) at the close of trading yesterday, and prices before calculating the seller’s “workmanship”.
Regarding the 18-carat gold gram, it was recorded in the Saudi market on Wednesday morning, as the price reached 173.41 riyals (46.24 dollars) compared to 171.90 riyals (45.84 dollars).
As for low-cost gold, a gram of 14-carat gold scored 134.87 riyals ($ 35.96), a 12-carat gold gram was 115.60 riyals ($ 30.82), and a 10-carat gold gram was 96.34 riyals ($ 25.69).
The price of an ounce and a pound of gold
The price of an ounce on the Saudi market was 7,189.62 riyals (1916.92 dollars).
Regarding the price of the pound of gold (8 grams of 21 carat), it recorded 1,618.48 riyals ($ 431.52), compared to 1604.37 riyals ($ 427.83) on Tuesday.
The price of an ounce rose during early trading this morning to 1,916.96 dollars compared to 1,910 dollars at the close of Tuesday’s trading, so that the precious metal continues the rally that it started yesterday against the backdrop of US stimulus hopes and the decline of the dollar currency.
“Investors’ focus is on a new aid package for the American economy and whether it will be successfully launched before the elections,” said Eugene Weinberg, an analyst at Commerzbank.
“The elections themselves are very important. The market (assesses) the opportunities of each candidate and the influence on monetary policy in the future.”
Drew Hamill, spokesman for US House Speaker Nancy Pelosi, said she and US Treasury Secretary Stephen Mnuchin “continue to narrow their differences” over the package.
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