Gold fell today in Saudi Arabia, Wednesday, March 23, 2022, coinciding with the fall of the precious metal worldwide, with expectations of a sharp rise in US interest rates.
Gold Price Today in Saudi Arabia
And the price of a gram of 24-carat gold in Saudi Arabia fell, during morning trading today, to around 231.61 riyals ($61.76).
And the price of a gram of 21-carat gold (the most traded on the market) fell today in Saudi Arabia, to about 202.66 riyals ($54.04).
The price of a gram of 18-carat gold in Saudi Arabia, at the start of trading today, fell to 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, fell to 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 futures contracts for April delivery were down 0.06%, or the equivalent of $1.10, in today’s early trading session Wednesday at $1,925.60 an ounce.
Gold prices were lower at the close of trading on Tuesday, hurt by comments from Federal Reserve officials about raising interest rates sharply this year to curb rising inflation.
James Bullard, president of the Federal Reserve Bank of St. Louis, said in an interview with “Bloomberg” that the central bank needs to raise interest rates above 3% this year, stressing the need to strongly tighten policy. monetary policy to control the rate of increase in inflation
These comments came a day after statements by “Jerome Powell”, president of the US Central Bank, in which he made it clear that the bank can resort to raising interest rates by more than 25 basis points in one or more meetings if necessary. to curb inflation.
These statements were supported by the rise in US Treasury yields yesterday, as the two-year bond yield reached 2.16%, while the 10-year bond yield fell stood at around 2.37%.