According to data developed by FxStreet, gold prices increased in Saudi Arabia.
The price of gold was 402.65 Saudis (SAR) per gram, compared to SAR 399.78, cost on Wednesday.
The price for gold increased to SAR 4 696.45 for Tola from SAR 4 662.93 for Tola the day before.
| Unit measure | Gold price in SAR |
|---|---|
| 1 gram | 402.65 |
| 10 grams | 4 026.78 |
| Tola | 4696.45 |
| Troy Unce | 12 523.82 |
FxStreet calculates gold prices in Saudi Arabia by adapting international prices (USD/SAR) to local currency and measuring units. Prices are updated daily depending on market rates at the time of publication. Prices are only for references, and local rates can slightly diverge.
Gold often asked questions
Gold played a key role in human history because it was widely used as a magazine of values and an exchange medium. Currently, in addition to gloss and the utilize of jewelry, precious metal is widely seen as a protected resource, which means that it is considered a good investment during turbulent time. Gold is also commonly perceived as protection against inflation and against the cushioning currencies, because it is not based on any specific issuer or government.
Central banks are the largest owners of gold. In order to support their currencies in turbulent times, central banks tend to diversify their reserves and buy gold to improve the perceived force of the economy and currency. High gold reserves can be a source of trust in the solvency of the country. Central banks added 1136 tons of gold worth about $ 70 billion to their reserves in 2022, according to world gold data. This is the highest annual purchase from the beginning of records. Central banks from emerging economies, such as China, India and Türkiye, quickly enhance their gold reserves.
Gold has a reverse correlation with the US dollar and the American treasure, which are both the main reserves and safer resources. When the dollar absorbs, gold increases, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. The rally on the stock exchange tends to weaken the price of gold, while the sale in more risky markets favors precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fear of a deep recession can quickly enhance the EskaLA gold prices due to its protected status. As a homeless resource, gold grows at lower percentage rates, while the higher cost of money is usually burdened with yellow metal. Despite this, most of the movements depend on how the US dollar (USD) behaves when the resource is valued in dollars (Xau/USD). This mighty dollar tends to maintain the price of gold price, while a weaker dollar can raise gold prices.
(Automation tool was used to create this post.)
