Gold prices in Saudi Arabia saw a notable increase during Wednesday morning trading, January 28, 2026, influenced by the volatility prevailing in global markets for the precious metal. This rise comes at a time when investors and consumers alike are awaiting future market trends, particularly in light of global economic variables that are impacting the prices of safe-haven assets.
Details of today's gold prices in Saudi Arabia
Gold prices have risen across all carats traded in the Saudi market, and the updated prices are as follows:
- The price of a gram of 24-karat gold reached 635 Saudi Riyals, compared to 620 Riyals at yesterday's close.
- The price of a gram of 22-karat gold rose to 582.25 riyals, after it was 568.25 riyals the previous day.
- The price of a gram of 21-karat gold reached 555.75 riyals, up from 542.5 riyals, which is the most popular and traded karat in the Kingdom.
- The price of a gram of 18-karat gold: recorded 476.25 riyals, compared to 465 riyals yesterday.
- The price of a gram of 14-karat gold reached 317.5 riyals.
- The price of a gram of 12-karat gold: recorded 317.5 riyals.
In terms of larger-scale trading, the price of an ounce of gold reached 19,753.5 riyals, while the price of a gold pound was recorded at 4,445.5 riyals.
General context: Why are gold prices rising?
Historically, gold has been considered a safe haven for investors during times of economic and political uncertainty. The global price of gold is influenced by several key factors, most notably the performance of the US dollar. There is an inverse relationship between the two: the weaker the dollar, the more attractive gold becomes to investors using other currencies. Additionally, interest rate decisions by major central banks, such as the US Federal Reserve, play a crucial role. When interest rates are low, the return on interest-bearing assets like bonds decreases, making gold (which does not yield interest) more appealing as an inflation hedge.
The importance and impact of the gold market in Saudi Arabia
Gold holds a special significance in the Saudi market that transcends its role as a mere investment. It is an integral part of local culture, given as a gift on social occasions and at weddings, thus creating consistent domestic demand. 21-karat gold is the preferred choice for consumers in the Kingdom due to its ideal balance of purity, durability, and price. Fluctuations in gold prices affect not only individual investors but also the retail sector and jewelry manufacturers, and are reflected in the savings decisions of Saudi families who view gold as a way to preserve the value of their wealth over the long term against potential economic instability.
