Monitoring carried out by Okaz revealed that gold prices recorded sharp fluctuations yesterday (Thursday), inflicting huge losses on investors within hours after the yellow metal rose significantly the previous day.
At 6:24 a.m., the price of one ounce of gold reached $5,595.4. This is equivalent to 674,581 riyals, equivalent to the value of one kilogram of gold.
By 15:38 on the same day, the price had fallen to $5,104.3 per ounce, making one kilogram worth R615,408.
Therefore, a person who bought 1 kg of gold in the morning would have lost SR 59,173, which is about 8.77% of his investment, in just 9 hours and 14 minutes.
These fluctuations highlight the importance of closely monitoring gold prices and managing risk, especially for short-term traders.
Gold continued to rise for eight straight sessions, gaining about $1,000 an ounce during that time, but yesterday saw a sharp move. This shows that the market is sensitive to momentary changes in price.
Research conducted by ‘Okaz’ revealed that gold prices fluctuated sharply yesterday (Thursday), resulting in huge losses for investors within hours, following the strong uptrend seen in the yellow metal the previous day.
At 6:24 a.m., the price of one ounce of gold reached $5,595.4. This is equivalent to 674,581 riyals per kilogram of gold.
By 3:38 pm on the same day, the price had fallen to $5,104.3 per ounce, and the value of one kilogram had fallen to 615,408 riyals.
Therefore, a person who bought 1 kilogram of gold in the morning would have incurred a loss of 59,173 riyals, which is about 8.77% of the investment value, within just 9 hours and 14 minutes.
This volatility highlights the importance of closely monitoring gold prices and managing risk, especially for short-term traders.
Gold had been rising for eight straight sessions, gaining about $1,000 an ounce, but experienced sharp fluctuations yesterday, demonstrating the market’s sensitivity to momentary price changes.
