Gold prices in Saudi Arabia on Tuesday, December 1, 2020


Gold prices in Saudi Arabia increased tuesday, as the price of the precious metal recovered globally.

The price of 24 per gram of gold in Saudi Arabia rose to 215.37 riyals ($57.43), compared to 212.92 riyals ($56.78) on Monday.

The price of 21 per cent of gold in the Kingdom increased to 188.45 riyals ($50.25), compared to 186.30 riyals ($49.68) at yesterday's close.

Gold prices in Saudi Arabia vary according to seasons and regions, and these prices are before calculating the seller's "sa'ainiya."

Gold price analysts expect the yellow metal to regain its luster after the president-elect takes office in the United States, and have demonstrated that The Democrats' Biden has an ambitious plan to reduce the consequences of the Corona economic pandemic by spending a stimulus package of up to $2.2 trillion, which in turn will cause inflation to rise, and thus a strong rise in gold prices with a drop in the U.S. dollar.

The price of 18 per gram of gold in the Saudi market was 161.52 riyals ($43.07) compared to 159.69 riyals ($42.58).

Economic gold prices

The price of 14-gauge gold was 125.63 riyals (33.50) against 124.20 riyals ($33.12), 12 was recorded at 107.68 riyals ($28.71) and 10 scored 89.74 riyals ($23.93).

Price of an ounce and pound gold

The price of an ounce (ounce) in the Saudi market during the beginning of trading tuesday was about 6,699.15 riyals (1786.36 dollars) compared to 6,622.50 riyals ($1,766) at the close of trading on Monday.

The price of the pound gold in Saudi Arabia (8 grams of 21 caliber) was recorded at 1,507 riyals ($402.01), compared to 1,490.43 riyals ($397.45).

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Globally, gold prices rose On Tuesday after heavy sell-offs pushed it to a nearly five-month low in the previous session led to renewed interest in the yellow metal, a safe haven, amid rising injuries to The Cofed-19, adding to the uncertainty of the economic outlook. 

Gold in spot trading had climbed 0.5 percent to $1,785.10 an ounce by 0625 GMT. U.S. gold futures gained 0.4 percent to $1,788.50.

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