Gold prices rose in Saudi Arabia on Thursday
Gold markets in Saudi Arabia witnessed a significant price increase on Thursday, continuing the volatility that has characterized global gold markets. This rise directly impacts both consumers and investors, particularly regarding 21-karat gold, the most common and traded type in the Saudi market. Local market participants closely monitor these daily fluctuations before making their purchasing or investment decisions.
Gold price list today in Saudi Arabia
Below are the details of gold prices for different carats in the Saudi market today, Thursday, compared to yesterday's closing prices:
- The price of a gram of 24-karat gold: recorded 604.75 riyals, up from 601 riyals.
- The price of a gram of 22-karat gold reached 554.25 riyals, compared to 550.75 riyals yesterday.
- The price of a gram of 21-karat gold has reached 529.25 riyals, after it was 525.75 riyals.
- The price of a gram of 18-karat gold: recorded 453.5 riyals, compared to 450.75 riyals.
- The price of a gram of 14-karat gold reached 352.75 riyals.
- The price of a gram of 12-karat gold has risen to 302.5 riyals.
The price of an ounce of gold today was recorded at 18810.25 riyals, and the price of a gold pound reached 4233.25 riyals.
The general context of gold price fluctuations
Gold has historically been considered a safe haven for investors during times of economic uncertainty and geopolitical tensions. Its global price is closely linked to the performance of the US dollar, with a generally inverse relationship between the two. A weaker dollar makes gold cheaper for holders of other currencies, increasing demand and driving up its price, and vice versa. Prices are also affected by the interest rate decisions of global central banks, particularly the US Federal Reserve. When interest rates are raised, investors tend to favor bonds that offer a yield, reducing the appeal of gold, which does not provide a fixed return. This explains the continuous fluctuations we see in global markets, which are subsequently reflected in the local market.
The importance of the event and its impact on the Saudi market
Domestically, tracking gold prices is of paramount importance in Saudi Arabia, not only for investors seeking to protect their wealth from inflation but also for ordinary consumers. Gold is an integral part of Saudi culture, with many purchasing gold jewelry as gifts for social occasions and weddings. Consequently, any price increase impacts individual purchasing decisions and raises the cost of these events. Investors in gold bars and coins also closely monitor these movements to make buying or selling decisions based on their future market expectations, whether for short-term speculation or long-term investment as part of a diversified portfolio in line with the economic diversification goals of the Kingdom's Vision 2030.
