Khaberni - Gold prices recorded a new rise at the beginning of its weekly trading today (Monday), after the gold ounce climbed to $4350, continuing to register record high levels for the precious metal.
This increase was driven by gains of about $49 during the trading session, with a rise percentage of 1.14%, continuing the upward trend observed in the market over recent weeks, amid increasing investor demand for gold.
This strong performance coincided with the decision to cut interest rates last (Wednesday), which enhanced the attractiveness of gold as a safe haven and a more enticing investment option compared to assets linked to interest yields, and the decline in bond yields contributes to pushing traders to increase their positions in the yellow metal, especially with rising concerns about a slowdown in global growth.
According to the current gold prices in Saudi Riyals, the price of 24-carat gold per gram is about 526 Riyals, typically sold as bars, with the addition of stamping fees that vary depending on the type of bar, while the price of 21-carat gold per gram is about 460 Riyals, to which the cost of manufacturing, seller's profit margin, and value-added tax are added, and is usually sold as processed gold, while the price of 18-carat gold per gram is about 395 Riyals, with the cost of manufacturing, seller's profit margin, and value-added tax also being added.
