Gold rates in Saudi Arabia today – 07 November 2024

LAHORE: The rate of one tola of 24-karat gold in Saudi Arabia experienced a slight increase, reaching 3,848 Saudi Riyals (SAR), as reported by forex.pk.

In addition, the price for 10 grams of 24-karat gold is currently set at SAR 3,302 in the kingdom, while the gold price per ounce is at SAR 10,271.

Note: Gold prices fluctuate frequently around the globe, including in Saudi Arabia, and the figures presented in this post may differ since they were last updated at 10:41 am on November 07, 2024.

In a similar development, Gold prices slipped to a near three-week low on Wednesday, beating a retreat as the dollar jumped after Republican Donald Trump was elected US president in a remarkable political comeback.

Investors in gold were also turning their attention to the next Federal Reserve policy meeting, seeking clues on the pace of interest rate cuts. The prospect of several rate cuts had been underpinning bullion’s stunning rally this year.

Also read: Dollar, Bitcoin Rate after Trump victory- Nov 6. 2024

Spot gold was down 1.5% to $2,703.93 per ounce at 1152 GMT. Bullion hit a record high of $2,790.15 last Thursday.

US gold futures were down 1.3% to $2,713.60.

The dollar hit a four-month high, making bullion more expensive for buyers holding other currencies, as traders bet the prospect of higher tariffs under Trump could keep interest rates higher for longer.

“Gold will be torn between the risk of rising inflation, potentially slowing the pace of US rate cuts, as tariffs are rolled out and continued demand for safe haven assets,” said Ole Hansen, head of commodity strategy at Saxo Bank.