Due to the decline in the price of the yellow metal globally on the first working day on the global stock exchange after the end of the weekly leave (Saturday and one) and the weak circulation of gold on the global stock exchange, with the stability of the global economy, the price of gold in Saudi Arabia fell today, Monday, October 31, 2022. The price of a gramme of gold today decreased by one riyal from the price of Sunday.
Due to anticipation of more declines in the price of the yellow metal in the coming days, the high value of the US dollar, and the global decrease in gold prices, gold prices fell on Monday in Saudi Arabia.
Today, Monday, Saudi Arabia’s local markets saw a decline in gold prices, which are now as follows:
The cost of 24 grammes of gold in Saudi Arabia is 197.73 riyals, or $52.73.
In Saudi Arabia, 22 grammes of gold cost 181.25 riyals, which is equal to $46.33.
While a 21-carat gold coin costs $173 in Saudi Arabia. 01 riyals, or $46.14, were used.
In Saudi Arabia, 18 grammes of gold cost 148. 30 riyals, which is the same as ($39.55).
In Saudi Arabia, 14 grammes of gold cost 115. equivalent to 34 riyals (30. 76 dollars)
The prices of purchase of used gold also declined today, Monday, in the local markets in the Kingdom, which are the following:
Price of used 24-gram gold: 180–184 riyals.
22-carat gold is utilised and costs between 170 and 176 riyals.
Price range for used 21-gram gold bars: 168 to 168 riyals.
Price of used 18-gram gold: between 140 and 143 riyals.
On Monday, the price of an ounce of gold in Saudi Arabia was as follows in real terms relative to the US dollar:
An ounce of gold is available for purchase in Saudi Arabia for 6150 riyals, or $1640.
In Saudi Arabia, an ounce of gold costs 6153 riyals, which is equal to (1641 dollars).
On Monday, October 31, 2022, the local markets in Saudi Arabia saw the price of the gold pound as follows.
In Saudi Arabia, a pound of gold costs 1660 riyals, which is equal to $442.
The price of one pound of gold in Saudi Arabia is 1740 riyals, or $464.
The cost of a gold pound in Saudi Arabia is 1898 riyals, or $506 USD.
The extent to which the dollar’s value rises and falls affects the price of gold globally, as there is an inverse relationship between gold and a basket of major world currencies, including the dollar, the euro, the Japanese yen, the British pound, the Chinese yuan, and others. The higher the value of the currencies, the lower the price of gold globally; conversely, when the value of the currencies falls, the price of gold rises while the local money stays the same.
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Today, Monday, October 31, 2022, there was a reduction in the price of gold in Saudi Arabia.
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