Gold prices steady in Saudi Arabia on Tuesday across all carats

Gold prices in Saudi Arabia remained constant on Tuesday, with no change in 21-carat and other carat rates as global prices experienced a minor drop. On Tuesday, corresponding to 12-3-1448 in the Islamic calendar, the prices in 21-carat gold and other carats were unchanged at the opening of trading across Saudi Arabia. This stability came amidst a slight decline in the price of the yellow metal globally, which saw gold trading at approximately $4,638 per ounce, a reduction of 0.28% on the day.

The drop in gold prices was noted after a surge to its highest level in over three months, as traders diverted their attention towards upcoming US inflation data and a speech by Federal Reserve official Kevin Warsh scheduled for the week. In the Kingdom on Tuesday, the price of 21-carat gold opened at 490.82 riyals per gram for trading, an increase from 489.70 riyals at the close of the previous trading day.

Gold prices in Saudi Arabia for Tuesday, 5-3-1448, by carat were as follows: an 8-gram gold sovereign in the country cost 4,008.56 riyals, bars ranged from 1 gram to 1,000 grams, with prices varying accordingly.