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Gold declines 3.2% this week
Gold prices sharply declined by 3.2% at the end of the week, driven by rising U.S. Treasury bond yields and increasing inflation risks, ending a three-week rally. The global ounce price settled around $4,454, marking a weekly decrease of 3.25%, the largest decline since late June 2026. Meanwhile, local prices in the Saudi market are influenced by the dollar peg of the riyal, with the price of 24-karat gram reaching approximately 537.13 riyals. Despite this recent drop, gold remains up by 29% year-to-date, as investors continue to monitor U.S. economic data, especially labor market indicators and inflation metrics, to gauge future price trends.
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