Gold prices in Saudi Arabia remain stable amid global anticipation
Gold prices in Saudi Arabia remained remarkably stable during trading on Tuesday, amid a climate of anticipation prevailing in both local and global markets. This stability comes against the backdrop of fluctuations in the price of the precious metal worldwide, prompting investors and consumers alike to closely monitor any changes that might affect this traditional safe haven. The 21-karat gold, the most traded and popular in the Kingdom, remains a focus of attention, maintaining its price levels in evening trading.
Gold price list today in Saudi Arabia
The following is a breakdown of gold prices for different carats traded in the Saudi market today, Tuesday, according to the latest updates:
- The price of a gram of 24-karat gold reached 613 Saudi Riyals.
- The price of a gram of 22-karat gold: settled at 561.75 Saudi Riyals.
- The price of a gram of 21-karat gold: recorded 536.75 Saudi Riyals.
- The price of a gram of 18-karat gold: recorded 459.75 Saudi Riyals.
- The price of a gram of 14-karat gold reached 357.5 Saudi Riyals.
- The price of a gram of 12-karat gold: settled at 306.5 Saudi Riyals.
Prices of gold per ounce and pound
- The price of an ounce of gold: recorded 19063.5 Saudi Riyals.
- The price of a gold pound was 4290.25 Saudi Riyals.
Global factors affecting gold prices
Gold, historically known as a “safe haven,” gains appeal during times of economic uncertainty and geopolitical tensions. Its price is directly affected by a complex set of global factors. Chief among these is the exchange rate of the US dollar, with which gold has an inverse relationship; when the dollar rises, the price of gold tends to fall because it becomes more expensive for buyers using other currencies. Decisions by major central banks, particularly the US Federal Reserve, also play a pivotal role. Raising interest rates increases the opportunity cost of holding gold, which does not generate returns, potentially reducing its investment appeal compared to bonds that offer fixed yields.
The importance of gold in the Saudi market
Domestically, gold holds significant cultural and economic importance in Saudi Arabia. It is not merely an investment tool to hedge against inflation and currency fluctuations, but an integral part of social traditions, particularly in occasions such as weddings and as gifts. Prices in the Saudi market are directly linked to spot prices on global exchanges, with the global price converted from US dollars to Saudi riyals, plus the "manufacturing" costs that vary from piece to piece. This relative stability today gives consumers time to consider their buying or selling decisions, while investors remain vigilant for upcoming global economic data that may determine the next direction for the precious metal's price.
