Gold prices in Saudi Arabia on Wednesday, December 2, 2020


Gold prices increased in Saudi Arabia on Wednesday, despite the decline of the precious metal globally after doubts about progress on the U.S. stimulus package.

The price of 24 per gram of gold in the Kingdom rose to 218.60 riyals ($58.28), compared to 215.37 riyals ($57.43) on Tuesday.

Gold prices in Saudi Arabia vary according to seasons and regions, and these prices are before the seller's "factory" is calculated.

The price of 21 per gram of gold (the most traded in the Kingdom) rose to 191.44 riyals ($51.04), compared to 188.45 riyals ($50.25) on Tuesday.

The price of 18-carat gold was 164.09 riyals ($43.74), compared to 161.52 riyals ($43.07).

Economic Gold

The price of 14-gauge gold increased to 127.63 riyals ($34.02), compared to 125.63 riyals (33.50) yesterday, and the price of a 12-gauge gram rose to 109.39 riyals ($29.16) and the price of 10 per gram of gold was about 91.16 riyals ($24.30).

Price of an ounce and pound gold

The price of an ounce on the Saudi market was about 6,808.92 riyals ($1,815.16), compared to 6,699.15 riyals ($1,786.36) yesterday.

The price of the pound gold (8 grams of 21 caliber) in the Saudi market rose to about 1531 riyals (408.28 dollars), compared to 1507 riyals (402.01 dollars) on Tuesday.

Globally, gold fell on Wednesday, as investors were cautious about progress on the stimulus package in the United States, while reports of developments on the Coved-19 vaccine added pressure.

By 0505 GMT, spot gold prices had fallen 0.3 percent to $1,808.67 an ounce after an increase of more than two percent on Tuesday, the biggest jump in nearly a month. 

U.S. gold futures fell 0.3 percent to $1,813.30.

Saudi Capital Markets

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