The precious metals market in Saudi Arabia witnessed a significant upswing today, with 21-carat gold, the most widely traded grade, reaching approximately SAR 359.76 per gram.
Other carat prices also surged: 24-carat gold approached SAR 411.16, 22-carat was around SAR 376.89, 18-carat reached SAR 308.37, and 14-carat landed at SAR 239.84 per gram.
This upward trend may be attributed to various factors, including fluctuations in global gold prices, shifts in the US dollar to Saudi riyal exchange rate, and economic outlooks that influence investor sentiment toward gold as a safe-haven asset.
Domestic demand, particularly around important dates and cultural events, also significantly impacts local gold pricing.
The current spike in prices reaffirms gold’s enduring role in Saudi Arabia as both a vehicle for value preservation and a long-term investment option, attracting interest from both investors and the public alike.
