Gold prices rose in Saudi Arabia today, Tuesday, November 2, amid a rise in the price of the yellow metal and the start of weekly trading in global markets.
The price of gold in Saudi Arabia today
In Saudi Arabia, a gram of 24 carat gold was 216.42 riyals ($ 57.70), up from 215.32 riyals ($ 57.41) yesterday.
The price of a gram of 21 carat gold (most traded in the market) was 189.38 riyals ($ 50.49).
The price of a gram of 18 carat gold rose to 162.32 riyals ($ 43.27) after recording 161.49 riyals ($ 43.05) yesterday.
In economic gold trading, a gram of 14-carat gold was valued at about 126.25 riyals ($ 33.66) compared to yesterday’s price of 125.60 riyals ($ 33.49).
Gold price per ounce and pound
The price of an ounce of gold in Saudi Arabia rose to 6731 riyals ($ 1794) at the start of trading on Tuesday, from yesterday’s 6696 riyals ($ 1785).
The pound also traded at 1515 riyals ($ 403.89) a pound in Saudi Arabia this morning.
Global gold prices
Globally, gold prices rose in global markets on Monday as the strong dollar kept the yellow metal under pressure, while investors waited cautiously for the US Federal Reserve meeting, after data showed another rise in inflation.
Gold prices on the spot traded at $ 1783.01 an ounce, down 1.5 percent from a one-week low last Friday.
US gold futures rose 0.1% to $ 1,784,801 an ounce.
“Gold investors will be more cautious because they will be stuck above $ 1800 for a long time, even if the dollar falls and gold prices rise,” said Jeffrey Haley, OANDA’s senior Asia Pacific analyst.
The dollar appreciated for more than two weeks on Friday, making gold attractive to buyers of other currencies.
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