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Gold prices in Saudi Arabia on Wednesday, December 9, 2020


 

Gold prices rose in Saudi Arabia, Wednesday, despite the decline of the precious metal globally after encouraging developments of the coronavirus vaccine.


Global gold prices fell from a two-week peak on Wednesday, while encouraging developments pushed for a vaccine to buy high-risk stocks as global equities climbed to record highs.


In Saudi Arabia, the price of 24-caliber gold was 225.70 riyals ($60.19), compared to 224.37 riyals ($59.83) on Tuesday. 


The price of 21 per gram of gold (best-selling in the Kingdom) was 197.49 riyals ($52.66), compared to 196.33 riyals ($52.35). 


Economic Gold

The price of 18 per gram of gold in Saudi Arabia was at 169.27 riyals ($45.14), compared to 168.28 riyals ($44.87) yesterday.


The price of 14-carat gold was 131.66 riyals ($35.11), compared to 130.88 riyals ($34.90). 


Gold prices in Saudi Arabia vary according to regions and seasons, and the yellow metal continues to suffer a variation in prices amid anticipation of the supply of corona vaccine in the markets, as well as optimism about a US stimulus package of $1.4 trillion. 


Price per ounce

The price of an ounce in Saudi Arabia was about 7,023.75 riyals ($1,873), compared with 6,978.75 riyals ($1,861) on Tuesday.


Gold globally

Spot gold fell 0.7 percent to $1,858.80 an ounce by 0600 GMT, after reaching its highest level since November 23 at $1,875.07 on Tuesday, while u.S. futures lost 0.6 percent to $1,864.


"The move in global markets is swinging between vaccine-driven optimism and hopes of u.S. fiscal stimulus," said Harshal Parrott of Metals Focus. So the risk morale is positive." 


Global shares rose Wednesday after Britain launched a vaccination campaign for its citizens against the virus, while Johnson & Johnson announced it would reach the results of advanced vaccine trials earlier than expected. 


Investors are also looking forward to a two-day policy meeting of the Federal Reserve (Us Central Bank) next week to draw indications of the direction monetary policy is likely to take.


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