Gold prices in Saudi Arabia witnessed a decline during trading, today, Saturday, May 14, 2022.
The price of a gram of 24 karat gold today in Saudi Arabia also decreased, during morning trading, to 218.46 riyals ($ 58.26).
And the price of a gram of 21 karat gold (the most traded in the market) in Saudi Arabia today, fell to 191.16 riyals ($ 50.98).
The price of a gram of 18 karat gold today in Saudi Arabia also decreased, to about 163.85 riyals ($ 43.69).
And economic gold prices reached the beginning of trading today in Saudi Arabia, for the price of a gram of 14 karat gold, about 127.44 riyals ($ 33.98).
And the price of an ounce of gold today in Saudi Arabia, during morning trading, decreased to 6798.75 riyals (1813 dollars).
And the price of the gold pound today in Saudi Arabia (8 grams of 21 karat), 1529.25 riyals ($ 407.80).
Gold prices fell globally when settling Friday’s trading session (the closing of the week’s sessions), recording the fourth consecutive weekly decline, affected by the dollar’s rise, supported by expectations of a sharp rise in US interest rates this year.
Cleveland Federal Reserve President Loretta Mester said she would be willing to support a faster rate hike by the Fed’s September meeting, if inflation data does not improve by then.
On Thursday, May 12, 2022, Federal Reserve Chairman Jerome Powell said that the battle to control the inflation rate will include some “pain”, with the emergence of the impact of raising interest rates on the economy.
Pressures on gold prices increased during last week’s trading, in conjunction with the dollar’s rise near its highest level in 20 years, approaching the sixth consecutive weekly rise.
The price of gold futures contracts for delivery last June decreased by 0.9%.