Gold prices in Saudi Arabia on Sunday, December 13, 2020


Gold prices in Saudi Arabia increased slightly on Sunday, amid anticipation of trends in the precious metal globally in light of developments in the distribution of corona vaccine.

The price of 24 per gram of gold in the Kingdom was 222.97 riyals ($59.18), compared to 221.80 riyals ($59.13) in Saturday trading.

Gold prices in Saudi Arabia vary according to regions, gold bullets and factory value.

The price of 21 per gram of gold (best-selling in the Kingdom) was 194.23 riyals ($51.78), compared to 194.07 riyals ($51.74) yesterday. 

The price of 18-carat gold was 166.48 riyals ($44.39) at the opening of trading in the Saudi market, compared to 166.35 riyals ($44.35).

The price of 14-carat gold was 129.48 riyals ($34.49), compared to 129.06 riyals ($34.25) on Saturday, and the price of 12-carat gold was 110.90 riyals ($29.59).

The price of an ounce was at 6,903 riyals ($1,841.86).

The Saudi market saw a significant recovery in trading values and volumes in the second half of this year, according to Mohammed al-Quwaiz, chairman of the Saudi Capital Market Authority, noting that daily trading values rose from $1 billion to $3-4 billion per day.

The HEAD OF THE CMA attributed the reason for the redirection of liquidity from certain investment activities such as real estate, following the increase of VAT to 15%. 

The Authority has also relaxed legislation on the possibility of foreign investors entering the Saudi market, introducing new products to the Saudi market, including ret.

Gold rose on Friday as the dollar near eduing near a two-and-a-half-year low, dispelling concerns about the postponement of a US stimulus package to mitigate the fallout from the Coronavirus.

Gold in spot trading was up 0.1 percent to $1,837.21 an ounce by 0531 GMT. U.S. futures gained 0.2 percent to $1,841.50. 

"The correlation between gold and the dollar has returned because markets have somehow taken into account optimism about the vaccine," said Margaret Young, an analyst at DailyFix.

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