Gold fell sharply on Thursday, 12 November 2026, dropping below 4,000 dollars an ounce. Spot gold traded at about 3,880 dollars in the afternoon in New York, down 107 dollars or about 2.7% on the day, according to Kitco. It had been above 4,030 dollars on Wednesday morning.
Market reports linked the fall to a stronger US dollar, which reached a 19-month high, and to rising expectations that the US Federal Reserve will raise interest rates in December. Silver also fell, slipping below 50 dollars an ounce.
Gold prices in Saudi riyals per gram, based on the global spot price at 3.75 riyals to the dollar:
- 24 carat: about 468 riyals
- 22 carat: about 429 riyals
- 21 carat: about 409 riyals, down from about 421 riyals on Wednesday
- 18 carat: about 351 riyals
These are reference prices. Prices in shops include workmanship charges and VAT and differ from one shop to another, and gold moves throughout the trading day. Investors are now watching the next US economic data and the Federal Reserve's December decision.
Source: Kitco, CNBC, USAGOLD, Al-Ain News
