Gold prices rise in Saudi Arabia as global markets surge
Gold prices in Saudi Arabia climbed across all carats on Thursday, tracking a global increase of over 1% as the precious metal hit multi-month highs.
Gold prices surged in Saudi Arabia on Thursday, aligning with a global market increase exceeding 1%, as the precious metal reached multi-month peaks. On 25 Jumada al-Awwal 1448, the price of 21-carat gold in the Kingdom, alongside other carats, experienced gains at the start of trading. On Tuesday's global exchange, gold was valued at approximately $4,126 per ounce, marking a 1.64% rise and reaching its highest level since October 22.
The upward trend was fueled by a sharp decline in the US dollar index and falling US Treasury yields, following Democrats' resounding victory in the midterm elections and a four-day drop in oil prices. At the beginning of Thursday's trading, the price of 21-carat gold in Saudi Arabia was 435.09 riyals (SAR) per gram, contrasting with 415.35 riyals at Wednesday's close.
On Thursday, 25 Jumada al-Awwal 1448, gold prices across all carats in Saudi Arabia were as follows: an 8-gram gold sovereign in the Kingdom saw varied prices based on weight, from 1 gram to 1,000 grams.
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