Gold prices in Saudi Arabia witnessed a further decline in local markets on Monday, influenced by the volatility affecting the price of the precious metal on global exchanges. This drop is attracting the attention of both consumers and investors, who are closely monitoring market movements before making their purchasing or investment decisions.
The price of a gram of 21-karat gold, which is the most common and traded in the Kingdom, recorded a significant decrease in this morning's trading, which may present an opportunity for those looking to buy.
Gold price list today in Saudi Arabia
Here is the latest update on gold prices of different carats in the Saudi market today, Monday:
- The price of a gram of 24-karat gold reached 544.25 riyals, compared to 586.5 riyals at yesterday's close.
- The price of a gram of 22-karat gold: recorded 499 riyals, compared to 537.75 riyals yesterday.
- The price of a gram of 21-karat gold reached 475.25 riyals, compared to 513.25 riyals yesterday.
- The price of a gram of 18-karat gold has fallen to 408.25 riyals, compared to 440 riyals yesterday.
- The price of a gram of 14-karat gold reached 317.5 riyals, compared to 342.25 riyals yesterday.
- The price of a gram of 12-karat gold: recorded 272.25 riyals, compared to 293.25 riyals yesterday.
The price of an ounce of gold in Saudi Arabia today was recorded at 16928.5 riyals, while the price of a gold pound reached 3809.75 riyals.
General context and impact of global markets
Gold has historically been considered a safe haven for investors during times of economic and political uncertainty. Gold prices in the Saudi market are directly linked to global prices, which are influenced by a complex set of factors. Among the most prominent of these factors is the strength of the US dollar; there is an inverse relationship between the two, meaning that as the dollar rises, the price of gold, which is priced in dollars, falls. Furthermore, interest rate decisions by major central banks, particularly the US Federal Reserve, play a crucial role. When interest rates rise, investors tend to favor yield-generating assets such as bonds, thus reducing the appeal of gold, which does not offer a return.
The importance of gold and its impact on the local economy
In Saudi Arabia, gold is not merely an investment tool; it holds significant cultural and social value. It is an integral part of wedding and gift-giving traditions, creating consistent domestic demand. Lower prices lead to increased consumer demand for gold jewelry, revitalizing the retail and jewelry sectors. For investors, lower prices present an opportunity to bolster their holdings of the precious metal as a hedge against inflation and a means of preserving wealth over the long term. Monitoring these daily prices helps individuals and businesses understand broader economic dynamics and identify opportune times to buy or sell.
