Welcome to our guide on the live gold price in Saudi Arabia. Saudi Arabia is a big country in Asia. It has a big role in the global gold market. The official money is the Saudi Riyal, split into 100 smaller units called halalas.
The riyal is tied to the US dollar. This makes the country’s money stable. It helps the economy grow.
At LivePriceofGold, we give you the latest gold prices in Saudi Riyal. You can find rates for 24K, 22K, 21K, 18K, and 14K gold. We have rates for gram, ounce, kilogram, and tola too. Our site keeps you updated so you can make smart choices about gold.
Key Takeaways
- Saudi Arabia is the largest country in Asia with a land area of 830,000 square miles.
- The official currency of Saudi Arabia is the Saudi Riyal, which is pegged to the US dollar at a rate of 1 riyal = 0.266667 dollars.
- LivePriceofGold provides real-time gold rates for various purities, including 24K, 22K, 21K, 18K, and 14K.
- Gold prices are quoted in Saudi Riyal per gram, ounce, kilogram, and tola.
- The Saudi gold market offers a wide range of gold products, including bullion bars, coins, collectible coins, and jewelry.
Understanding Gold Trading in Saudi Arabia
Saudi Arabia is a big player in the world’s gold market. It’s the biggest oil producer and exporter. The country’s wealth from oil makes it important in saudi gold bullion and saudi arabia precious metals trade.
Being the largest economy in the Arab world, Saudi Arabia is a key place for saudi gold investments. People and companies come here to add gold to their money collections.
The Saudi Arabian Monetary Authority’s Role
The Saudi Arabian Monetary Authority (SAMA) was started in 1952. It’s the country’s central bank. SAMA makes sure the Saudi Riyal is stable and works well.
It also watches over commercial banks. SAMA helps keep the saudi gold bullion and saudi arabia precious metals markets running smoothly.
Gold Trading Regulations in the Kingdom
Gold trading in Saudi Arabia follows rules set by SAMA. These rules cover buying, selling, and storing saudi gold bullion. The goal is to keep things honest and safe for everyone.
Market Operating Hours
The saudi gold investments market is open from Sunday to Thursday. It’s open from 8:00 AM to 5:00 PM local time. This gives investors and traders plenty of time to work with saudi gold bullion and saudi arabia precious metals every week.
| Metric | Value |
|---|---|
| Gold Price per Gram | 318.65 Saudi Riyals |
| Gold Price per 10 Grams | 3,186.47 Saudi Riyals |
| Gold Price per Tola | 3,716.63 Saudi Riyals |
The table shows the current saudi gold bullion prices in Saudi Arabia. These prices change based on global trends, currency changes, and the Kingdom’s economy.
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Current Gold Price in Saudi Arabia Live
As of December 3, 2024, the live gold rates in Saudi Arabia show gold’s importance. The spot gold price per ounce is 9,946.12 Saudi Riyals (SAR). This is up from 9,927.47 SAR the day before.
The gold rates in Saudi Arabia are watched closely. Here are the prices per gram for different purities:
- 24K gold: 319.70 SAR per gram
- 22K gold: 292.84 SAR per gram
- 21K gold: 279.73 SAR per gram
These prices are for raw gold. They might change based on where you buy or sell it.
| Gold Price Metric | Current Rate (SAR) | Change from Previous Day |
|---|---|---|
| Spot Gold per Ounce | 9,946.12 | +18.65 |
| 24K Gold per Gram | 319.70 | +1.05 |
| 22K Gold per Gram | 292.84 | +0.96 |
| 21K Gold per Gram | 279.73 | +0.92 |
Gold prices in Saudi Arabia change all day. They are affected by many things like supply and demand. Investors and buyers watch these gold rates saudi closely. They want to make smart choices in the saudi gold market.
Gold Price Variations by Weight Units
Gold prices in Saudi Arabia change a lot based on the weight. Knowing these changes helps you make smart choices in the gold market. Let’s explore the gold prices in Saudi Arabia for different weights.
Gram Rates and Daily Fluctuations
The price of 24K gold per gram in Saudi Arabia is 319.87 SAR. But, this price can change every day. It can go up to 320.11 SAR or down to 318.92 SAR. These changes show how the gold market is always moving.
Tola and Kilogram Pricing
For bigger amounts, gold prices in Saudi Arabia change a lot too. One kilogram of 24K gold costs 319,875.07 SAR. One tola, which is 11.66 grams, is 3,728.88 SAR. These prices give investors and buyers different options.
Ounce Measurements and International Standards
For those who know international gold standards, one ounce of 24K gold in Saudi Arabia is 9,949.24 SAR. This measurement is known worldwide. It makes it easy to compare prices with other countries.
| Gold Unit | Price (SAR) |
|---|---|
| 1 gram (24K) | 319.87 |
| 1 ounce (24K) | 9,949.24 |
| 1 kilogram (24K) | 319,875.07 |
| 1 tola (24K) | 3,728.88 |
It’s key to know about gold pricing in Saudi Arabia if you want to buy gold. By learning about different weights and their prices, you can make smart choices. This way, you’ll get the best deal for your money.
Factors Affecting Saudi Gold Markets
The saudi gold investments and saudi arabia precious metals markets are shaped by many things. This shows the Kingdom’s fast-changing economy. Being the world’s biggest oil exporter, Saudi Arabia’s economy is closely tied to oil. This affects the current gold price riyal a lot.
Changes in global currencies, like the USD/SAR rate, also impact gold prices here. The Saudi government is working to grow other industries. This could change how the gold market works.
- The Saudi Arabia gold and diamond jewelry market is expected to grow fast. It aims to reach about USD 7.06 billion by 2027.
- In 2021, jewelry demand in Saudi Arabia went up by 47%. It reached 33.3 tons, the second-best year since 2019.
- The Middle East gold jewelry market saw big revenue growth in 2021. This made up for losses in 2020.
Big names in saudi gold investments and saudi arabia precious metals markets are growing. Companies like L’azurde Company for Jewelry and Damas Saudi Arabia Company Limited are expanding. This changes the market a lot.
More people want diamond-set gold jewelry now. The move to online shopping in Saudi Arabia has also helped. This has made traditional stores start selling online too.
“The Saudi Arabia Gold and Diamond Jewelry market is segmented by type, distribution channel, region, and competitive landscape, offering a comprehensive view of the industry dynamics.”
The saudi gold investments and saudi arabia precious metals markets are always changing. It’s important for investors, retailers, and others to keep up. This way, they can find chances and deal with challenges in Saudi Arabia’s gold market.
Gold Buying Guide in Saudi Markets
In Saudi Arabia, you can buy gold in many ways. You can get bullion bars, coins, or saudi gold jewellery. Bullion bars are often cheaper because they have lower costs per ounce.
But, remember the extra costs for making and labor in the saudi gold souks. These costs add to the gold price. So, know the total cost before buying.
Popular Gold Shopping Districts
Looking for where to buy gold in Saudi Arabia? Check out these places:
- Al-Majeedi Market in Jeddah
- Souk Al Saray in Riyadh
- Gold Souq in Dammam
Understanding Making Charges
Making charges are extra fees for gold jewelry or products. They cover labor and craftsmanship costs. These fees change based on design, gold weight, and jeweler’s reputation.
Authentication and Certification
It’s key to check gold’s realness and purity in Saudi markets. Good gold shops give certificates of authenticity and purity. These show the gold’s quality, like 24-karat or 22-karat. They help you make smart choices and avoid scams.
“Investing in gold is a long-term strategy that can provide stability and diversification in one’s investment portfolio.”
Investment Options in Saudi Gold
Saudi Arabia has many saudi gold investments for those looking to grow their money. You can buy physical gold like bars, coins, or jewelry. This gold can be kept for a long time. The country’s real estate and industries also offer good places to invest, alongside gold.
The Saudi Riyal is stable because it’s tied to the US dollar. This makes gold a good choice to protect against money changes. The rules from the Saudi Arabian Monetary Authority also help shape the gold investment scene.
| Investment Option | Minimum Amount | Fees and Charges | Currencies Accepted |
|---|---|---|---|
| XAU Currency (Gold Account) | SAR 500 | No fees, only exchange rate | SAR or USD |
Emirates NBD in Saudi Arabia offers a Gold Account. It lets you invest in gold by moving money from your SAR or USD account. There’s no need for a lot of money, and no extra fees except for the exchange rate. This makes it easy to invest in gold.
“Central banks from emerging economies like China, India, and Turkey are increasing their saudi arabia precious metals reserves, underscoring the global appeal of gold as a strategic asset.”
Conclusion
The gold price in Saudi Arabia changes often. It’s affected by local and global events. The Saudi Arabian Monetary Authority helps control the gold market.
Investors and buyers have many choices. They can buy gold itself or look into other investment options.
Knowing the riyal gold rates is key. It helps you make smart choices. You can use live data, analysis tools, and buy information to guide you.
Gold in Saudi Arabia is great for investing or personal use. The market is full of chances. Stay updated and make the most of it.