LAHORE: The rate of one tola 24-karat gold in Saudi Arabia on Friday (08 November 2024) saw a minor decline of 3,745 Saudi Riyal (SAR), according to forex.pk.
Likewise, the rates of 10 grams of 24-k gold is SAR 3,214 in the kingdom of Saudi Arabaia while the per ounce gold price stands at SAR 9,998.
Note: Gold rates 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 rates 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.
 saw a minor decline of 3,745 Saudi Riyal (SAR).){kind=link}