Gold prices in Saudi Arabia saw a notable increase during trading on Thursday morning, January 29, 2026, continuing the volatility that has characterized global gold markets. This rise comes amidst a climate of anticipation among both investors and consumers, who are closely monitoring global economic indicators and their direct impact on the value of gold as a safe haven.
Details of today's gold prices in Saudi Arabia
The recent rise was reflected across all price categories traded in the Saudi market. Below is a breakdown of today's prices compared to yesterday's closing prices:
- The price of a gram of 24-karat gold reached 669.5 riyals, up from 648.5 riyals.
- The price of a gram of 22-karat gold: recorded 613.75 riyals, compared to 594.5 riyals yesterday.
- The price of a gram of 21-karat gold rose to 586 riyals, compared to 567.5 riyals at yesterday's close.
- The price of a gram of 18-karat gold has reached 502.25 riyals, after it was 486.25 riyals.
- The price of a gram of 14-karat gold: recorded 390.5 riyals.
- The price of a gram of 12-karat gold reached 334.75 riyals.
The price of an ounce of gold in Saudi Arabia also rose to 20,827.5 riyals, and the price of a gold pound reached 4,687.25 riyals.
General context and historical background of gold fluctuations
Historically, gold has been considered a primary hedge against inflation and economic and political uncertainty. Its price is directly affected by the monetary policies of major central banks, most notably the US Federal Reserve. When interest rates rise, investors tend to favor yield-generating assets like bonds, reducing the appeal of gold, which does not offer interest. Conversely, in a low-interest-rate environment, demand for gold increases. The exchange rate of the US dollar also plays a pivotal role; there is an inverse relationship between the two: a stronger dollar makes gold more expensive for holders of other currencies, and vice versa.
The importance of the event and its expected impact
Domestically, the rise in gold prices directly impacts consumers in Saudi Arabia, particularly those about to get married who purchase gold jewelry as a fundamental part of tradition. It also affects the decisions of individual investors who turn to gold bars and coins to preserve the value of their savings. Regionally and internationally, these fluctuations reflect the prevailing anxiety in global markets, whether due to geopolitical tensions or fears of a global economic slowdown. Analysts are closely monitoring upcoming economic data, such as inflation and employment reports, to anticipate the next steps taken by central banks, which will, in turn, determine the trajectory of the precious metal's price in the coming period.
