Gold fell today in Saudi Arabia, Wednesday, March 23, 2022, coinciding with the decline of the precious metal globally, with expectations of a strong rise in US interest rates.
Gold price today in Saudi Arabia
And the price of a gram of 24 karat gold in Saudi Arabia fell, during today’s morning trading, to about 231.61 riyals ($ 61.76).
And the price of a gram of 21 karat gold (the most traded in the market) fell today in Saudi Arabia, to about 202.66 riyals ($54.04).
The price of a gram of 18 karat gold in Saudi Arabia, at the beginning of today’s transactions, fell to about 173.70 riyals ($ 46.32).
In terms of economic gold transactions in Saudi Arabia, the average price of a gram of 14 karat gold amounted to about 135.10 riyals ($36.03).
The price of an ounce and a pound of gold today in Saudi Arabia
And the average price of an ounce of gold today in Saudi Arabia, during early trading, decreased to about 7207.50 riyals ($1922).
While the average price of the gold pound, at the beginning of today’s trading in Saudi Arabia, was about 1621.25 riyals ($432.33).
Gold prices today globally
Globally, gold futures contracts for April delivery witnessed a decline in the early trading session of today, Wednesday, by 0.06%, or the equivalent of $1.10, at $1,925.60 an ounce.
Gold prices fell when settling Tuesday’s trading session, affected by the statements of the Federal Reserve members regarding the strong interest rate hike this year to curb rising inflation.
James Bullard, President of the Federal Reserve Bank of St. Louis, said in an interview with “Bloomberg” that the central bank needs to raise interest rates above 3% this year, stressing the need to tighten monetary policy strongly to control the pace of rising inflation.
These comments came one day after the statements of “Jerome Powell”, the President of the US Central Bank, in which he made it clear that the bank may resort to raising interest rates by more than 25 basis points in one or more meetings if necessary to curb inflation.
These statements were supported by the rise in US treasury bond yields yesterday, as the yield on two-year bonds reached 2.16%, while the yield on 10-year bonds scored about 2.37%.