After the price of gold in Saudi Arabia reached 2 thousand dollars in the world market, there is hope for good news for the people, because the price of gold in the kingdom will decrease.
If the price of gold in the kingdom reaches 2000 dollars in the world market, it will have a direct impact on the prices of gold and the rates will decrease, but due to some other factors, there is hope for a decrease in the prices of gold. is being done.
According to the report, the price of gold in Saudi Arabia is also linked to petrol. Economists say that if the price of gold is low, the price of petrol also decreases.
Experts said that the increase in the price of petrol has a negative impact on the price of gold as the price of gold rises, if the businessmen tend to buy shares of Aramco and in such a case the price of petrol is also increasing. If so, the price of gold goes down.
This is the reason that this year due to Corona and other challenges, there was a decrease in the demand of petro due to which the prices of gold also started talking to the wind, meanwhile the people who buy gold have faced serious problems.
Apart from this, the increase in American and global stocks also makes a difference in gold prices. When Aramco’s shares start selling high on the Saudi stock exchange, it has a negative effect on the price of gold and the price of gold falls. Investors prefer to buy gold when the market is depressed.
Meanwhile, reluctance to buy gold also affects prices, with gold prices rising on the occasion of Umrah and Hajj as large numbers of pilgrims buy gold.
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**Interview with Dr. Ahmed Al-Fahd, Economic Analyst**
**Interviewer**: Thank you for joining us, Dr. Al-Fahd. The recent surge in gold prices, reaching 2,000 dollars per ounce in the world market, has stirred up quite a conversation in Saudi Arabia. What does this mean for the local economy and citizens?
**Dr. Al-Fahd**: Thank you for having me. The rise in gold prices typically has a dual effect. On one hand, it can be a positive indicator for the economy, as it often reflects global economic instability and a flight to safety. On the other hand, for Saudi Arabia, a country with significant gold reserves, this scenario creates opportunities for growth and investment in mining and related sectors.
**Interviewer**: Specifically, how might this impact the average citizen in Saudi Arabia?
**Dr. Al-Fahd**: For the average citizen, increased gold prices could translate into higher returns for gold investments and jewelry. Additionally, if the government capitalizes on this situation by boosting mining operations or investing in local gold production, we could see job creation and economic diversification, which would benefit many families.
**Interviewer**: Are there potential risks associated with the rising gold prices that the public should be aware of?
**Dr. Al-Fahd**: Yes, there are always risks. A significant increase in gold prices can also lead to higher inflation, as the cost of jewelry and gold-based products rises. This could impact families who rely on these items for savings or investments. Additionally, if global markets stabilize and gold prices drop, it could affect local businesses that have invested heavily in gold.
**Interviewer**: Lastly, what should citizens keep an eye on in the coming weeks as this situation develops?
**Dr. Al-Fahd**: Citizens should monitor global economic trends, particularly those affecting gold prices, such as geopolitical tensions and inflation rates. It’s also important to stay informed about government policies related to mining and investment in the gold sector, as these could have a significant impact on the local economy and individual opportunities.
**Interviewer**: Thank you, Dr. Al-Fahd, for your insights on this important issue.
**Dr. Al-Fahd**: Thank you for having me. It’s a crucial time for the Saudi economy, and I hope we can navigate these changes effectively.
**Dr. Al-Fahd**: Well, for the average citizen, the immediate concern is the price of gold jewelry and investment. If global prices stabilize or decrease, as suggested by the current trends, we can expect local jewelers to adjust their prices accordingly, making gold more accessible for everyday purchases and sentimental gifts. Furthermore, if gold prices decrease, it could also lead to a reduction in inflationary pressures.
**Interviewer**: You mentioned the connection between gold prices and petrol costs. Can you elaborate on that relationship?
**Dr. Al-Fahd**: Absolutely. The price of gold in Saudi Arabia is influenced by the price of petrol, which is critical for our economy. When petrol prices rise, it tends to have a cascading effect on gold prices. If global gold prices fall, as they seem to be doing now, and if petrol prices follow suit, it could alleviate the financial pressures on consumers as petrol is a major expense for many families here. So, a decrease in both could lead to better economic conditions for the general public.
**Interviewer**: Interesting! How do events like Hajj and Umrah influence gold prices in Saudi Arabia?
**Dr. Al-Fahd**: It’s significant. During the Hajj and Umrah seasons, there’s a notable surge in gold purchases by pilgrims as gifts or as a form of investment. This seasonal demand can temporarily drive prices up. However, if we see a consistent decline in global prices right before these seasons, it could potentially benefit both local vendors and consumers.
**Interviewer**: Lastly, looking ahead, what should residents of Saudi Arabia keep an eye on regarding gold and market trends?
**Dr. Al-Fahd**: Residents should watch for fluctuations in global stock markets, especially concerning Aramco and other leading companies, as this will likely influence gold prices. Additionally, keeping an eye on petrol prices will be crucial. If they decrease alongside gold, we could see a more stable economic environment. Also, public sentiment and consumer behavior in response to these price changes will play a key role moving forward.
**Interviewer**: Thank you, Dr. Al-Fahd, for your insights. It’s certainly a complex interplay of factors affecting the economy, and we appreciate your analysis.
**Dr. Al-Fahd**: Thank you for having me. It’s a pleasure to discuss these important economic issues.