Gold Prices Plummet in Saudi Arabia,21 Carat Reaches SR204.75 as of October 23, 2024
Riyadh, Saudi arabia - October 23, 2024 – Gold prices experienced a notable decline in the Saudi Arabian market today, with the price of 21-karat gold reaching SR204.75 per gram. This marks a considerable drop from previous levels, impacting both investors and consumers. The decrease is attributed to global market factors including a strengthening US dollar and reduced demand following recent price increases.
the sharp fall in gold prices presents a mixed scenario for Saudi Arabia. Consumers looking to purchase gold jewelry or bullion may find this a favorable time,while investors holding gold assets could see a reduction in value. Experts predict continued volatility in the gold market in the short term,influenced by upcoming economic data releases and geopolitical developments. This price shift follows a period of relative stability, making the current downturn especially noteworthy for the Saudi market, a key hub for gold trading in the region.
Here’s a breakdown of current gold prices per karat as of 10:15 AM Saudi Arabia Standard Time (AST) on October 23, 2024:
* 24 Karat: SR233.95 per gram
* 22 Karat: SR212.75 per gram
* 21 Karat: SR204.75 per gram
* 18 Karat: SR175.65 per gram
Gold dealers across the Kingdom are closely monitoring the situation, adjusting prices accordingly. Market analysts advise potential buyers and sellers to stay informed about global market trends before making any decisions.
