Gold rose in Saudi Arabia today, Monday March 21, 2022, amid the precious metal’s boom in global markets.
Gold Price Today in Saudi Arabia
And the price of a gram of 24-carat gold in Saudi Arabia, during morning trading today, was about 232.72 riyals ($62.03).
The price of a gram of 21-carat gold (the most traded on the market) did not change today in Saudi Arabia, to remain at the level of 203.64 riyals (54.28 dollars).
And the price of a gram of 18-carat gold in Saudi Arabia, at the start of trading today, was about 174.54 riyals ($46.52).
In terms of economic gold transactions in Saudi Arabia, the average price of a gram of 14-carat gold was about 135.76 riyals ($36.19).
The price of an ounce and a pound of gold today in Saudi Arabia
And the average price of an ounce of gold today in Saudi Arabia, during early trading, was about 7,238.50 riyals (1929 dollars).
While the average price of a pound of gold, at the start of trading today in Saudi Arabia, was about 1,629 riyals ($434.24).
Gold prices today worldwide
Gold prices rose on Monday, buoyed by safe-haven demand as the Ukraine crisis showed no signs of abating as gains defied the US Federal Reserve’s plan to crack down. against inflation.
And spot gold rose 0.3 percent to $1,927.22 an ounce by 0528 GMT. US gold futures fell 0.1 percent to $1,927.30.
“A little bit of safe haven is flowing (into) gold today because Ukraine officially pushed back against Russia’s deadline,” said Matt Simpson, senior market analyst at City Index.
Ukraine on Monday rejected Russian calls to hand over the port city of Mariupol, where residents are stuck with little food, water and electricity and fierce fighting shows no signs of abating.
To prevent the metal from rising further, two of the Fed’s most aggressive policymakers said on Friday that the central bank must take more aggressive action to fight inflation.
Minneapolis Fed President Neil Kashkari has said he wants to raise interest rates from 1.75% to 2% this year, according to an article on the Fed’s regional website.
Higher interest rates tend to increase the opportunity cost of holding interest-free gold.
Holdings of the world’s largest gold-backed trading fund SPDR Gold Trust rose 0.8% to 1,082.44 tonnes on Friday, the highest level since March 2021.
Palladium, which automakers use to make catalytic converters to cut emissions, rose 4.3% to $2,597.97 an ounce. It had peaked at $3,440.76 on March 7, fueled by concerns about supply disruptions from top producer Russia.
Simpson added that the yellow metal is more responsive to current events in Ukraine, “and with Ukraine officially saying no to Russia, it leaves peace talks behind and of course raises more concerns about going ahead with restrictions.”
Spot silver rose 0.3% to $25.03 an ounce and platinum rose 0.6% to $1,028.20.