Gold closed in Saudi Arabia today, Sunday March 20, 2022, amid the precious metal posting the biggest weekly drop in 4 months on 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 231.61 riyals ($61.76).
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 202.66 riyals (54.04 dollars).
And the price of a gram of 18-carat gold in Saudi Arabia, at the start of trading today, was about 173.70 riyals ($46.32).
In terms of economic gold transactions in Saudi Arabia, the average price of a gram of 14-carat gold was around 135.10 riyals ($36.03).
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 7,207.50 riyals ($1,922).
While the average price of a pound of gold, at the beginning of today’s trading in Saudi Arabia, was about 1621.25 riyals ($432.33).
Gold prices today worldwide
Globally, gold prices fell back at the close of trading on Friday (the close of sessions for the week), posting the biggest weekly drop in four months, with market sentiment improving following the decisions of the central banks and the continuation of the Russian-Ukrainian talks.
The US president, Joe Biden, held telephone conversations with his Chinese counterpart, Xi Jinping, to analyze the developments in the war in Ukraine, while the Chinese president stressed that relations between countries should not lead to confrontations, as is happening in Ukraine. , because this will not benefit anyone. .
Meanwhile, Russian and Ukrainian negotiators continue peace talks between the two sides to end the ongoing war, and while the Kremlin denied on Thursday that an agreement had been reached, news of little progress in the talks fueled optimism in the markets.
And the pressure on gold increased during last week’s trading, after the Federal Reserve decided to raise US interest rates for the first time since 2018 by 25 basis points, due to the high rate of inflation and the labor market recovery.
Meanwhile, “James Bullard”, a member of the US Open Market Central Committee, said that it is necessary to raise interest rates by the equivalent of 12 times this year, for the bank to convince consumers that it is serious face. of rising inflation.
And the price of gold futures contracts for April delivery fell 0.7%, or $13.90, to settle at $1,929.30 an ounce as the first session settled on Friday.
In total trading last week, the price of precious metal futures contracts fell 2.8%, marking the biggest weekly drop since November 2021.