Gold prices rise in Saudi Arabia as 21-karat hits 424 riyals

Gold prices in Saudi Arabia rose during trading today, with 21-karat gold—the most popular in the Kingdom—reaching 424.67 riyals ($113.25) per gram.

According to the Saudi Gold platform, 24-karat gold was priced at 485.34 riyals per gram, 22-karat at 444.90 riyals, 18-karat at 364.01 riyals, and 14-karat at 283.12 riyals.

Globally, gold continued its decline on Friday after dropping two percent in the previous session, as Brent crude oil's return above $100 per barrel fueled inflation concerns and strengthened expectations of a U.S. interest rate hike ahead of next week's Federal Reserve policy meeting.

As of 03:33 GMT, spot gold was down 0.4 percent at $4,030.09 per ounce, more than $130 below its two-week high set on Wednesday. U.S. gold futures for August delivery also fell 0.4 percent to $4,033.20.

Gold is on track for a modest weekly gain of 0.4 percent.

Brian Lan, managing director at GoldSilver Central, said, "In the short term, we expect more volatility... Gold has been trading in a range between about $3,980 and $4,170, and has been stuck there for weeks. Each time prices approach or dip slightly below $4,000, we see major buyers returning to the market and pushing prices back up."