Saudi Arabia Launches Riyal Coins to Replace Banknotes

Saudi Riyal coins will be used in the future in a number of services and machinery, Asharq Al-Awsat
Saudi Riyal coins will be used in the future in a number of services and machinery, Asharq Al-Awsat
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Saudi Arabia Launches Riyal Coins to Replace Banknotes

Saudi Riyal coins will be used in the future in a number of services and machinery, Asharq Al-Awsat
Saudi Riyal coins will be used in the future in a number of services and machinery, Asharq Al-Awsat

The Saudi Arabian Monetary Authority (SAMA) will start withdrawing SR1 banknotes from the market from Thursday, SAMA has said.

In a statement, SAMA announced issuing its sixth edition, which was developed during the reign of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz with great attention and diligence, using in-depth and detailed studies on world-renowned modern techniques for manufacturing coins.

SAMA adhered to prime technical standards and designs that ensure popularity among traders.

The one-riyal coin has a portrait of King Salman in silver in the center. On the right side, the name and title of the King (Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud) are engraved in a golden frame, and on the left there is a plant motif encompassing the Kingdom’s national emblem.

According to plan, SAMA assured that paper currencies will still be traded alongside the new coins until all one riyal notes are gradually phased out across banks.

The SR1 banknotes will eventually be replaced with one-riyal coins.

In December 2016, SAMA unveiled the sixth issue of Saudi currency, including the new one-riyal and two-riyal coins, in addition to coins introduced as 50 halalah, 25 halalah, 10 halalah, 5 halalah and one halalah.

The currency will be used in the future in a number of services and machines, much like developed countries, which despite the development of monetary and financial systems, they still use currency widely, and the presence of the riyal or the main currency as a piece of metal is the usual practice in a lots of countries worldwide.

SAMA affirmed that all six categories of the currency issued are currently available at SAMA branches and banks operating in the Kingdom. If they are not easily obtained by the banks, a complaint can be made to the Customer Protection Department through SamaCares.com or by calling toll free 8001256666.



Gold Eases on Firmer Dollar, Solid US Data

A person passes by a gold shop in Ankara, Turkey May 29, 2023. REUTERS/Yves Herman/File Photo
A person passes by a gold shop in Ankara, Turkey May 29, 2023. REUTERS/Yves Herman/File Photo
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Gold Eases on Firmer Dollar, Solid US Data

A person passes by a gold shop in Ankara, Turkey May 29, 2023. REUTERS/Yves Herman/File Photo
A person passes by a gold shop in Ankara, Turkey May 29, 2023. REUTERS/Yves Herman/File Photo

Gold prices edged lower on Thursday, weighed down by a stronger dollar and robust US economic data, while caution persisted as markets awaited clarity on tariff developments.

Spot gold fell 0.3% to $3,337.43 per ounce by 0155 p.m. EDT (1755 GMT) after hitting a session low of $3,309.59.

US gold futures settled 0.4% lower at $3,345.3.

Following the latest US data, "there was a bit of rise in the dollar and US Treasury yields are higher. So, it's put a little weakness in the gold market," said Bob Haberkorn, senior market strategist at RJO Futures, Reuters reported.

The dollar gained 0.3%, making the greenback-priced gold more expensive for foreign currency holders.

US jobless claims fell last week, pointing to steady job growth in July, while retail sales data beat expectations, adding 0.6% last month, though some of the gain likely reflected tariff-driven price increases.

Fed Governor Adriana Kugler said the Fed should not cut interest rates "for some time" as the impact of Trump administration tariffs begins to pass through to prices.

Gold is often regarded as a hedge against uncertainty and inflation, but higher interest rates diminish its appeal, as it yields no interest.

On the trade front, Japan's top trade negotiator held talks with the US Commerce Secretary on US tariffs, as Tokyo races to avert a 25% levy that will be imposed unless a deal is clinched by an August 1 deadline.

"If Trump follows through on his threats and trade tensions escalate, it’s not a stretch to imagine gold challenging — and potentially breaking- its record highs again," said Fawad Razaq, market analyst at City Index and FOREX.com.

Meanwhile, gold exports from Switzerland jumped 44% month-on-month in June as bullion flew back to the vaults in the United Kingdom from the US via Swiss refineries, Swiss customs data showed on Thursday.

Palladium was up 3.8% at $1,277.78, reaching its highest level since September 2023.

Fears of an escalating war in Russia, a major palladium exporter, are fuelling supply concerns and driving prices higher, Haberkorn said.

Elsewhere, spot silver added 0.3% to $38.07 per ounce and platinum gained 3.1% to $1,460.13.