Gold Prices Surge in Saudi Arabia, Catching 21 Karat Buyers by Surprise
RIYADH – Gold prices in Saudi Arabia continued their upward trajectory today, Friday, with a noticeable impact on retail purchases, particularly for popular 21-karat gold. The price of a pound of 21-karat gold reached approximately 3,682 Saudi Riyals, a figure that has prompted caution among investors and a slight ripple effect thru the kingdom’s gold markets.
the increase reflects a broader trend of rising bullion prices across various weights, driven by global economic factors and a flight to safe-haven assets. Analysts attribute the movements to the weakening U.S. dollar and growing economic instability in certain regional markets, prompting increased demand for gold as a store of value. This latest rise follows a period of fluctuation in the international ounce market, directly influencing local pricing.
Here’s a breakdown of current gold prices in Saudi Arabia as of today:
* 21 Karat Gold (per pound): 3,682 Riyals
* 22 Karat Gold (per pound): 3,857.28 Riyals
* 1 gram alloy: 568.95 Riyals
* 5-gram alloy: 2754.73 Riyals
* 10-gram bar: 5464.45 Riyals
* 20-gram alloy: 10,808.91 Riyals
* 31.5 gram alloy: 16,712.4 Riyals
* 100-gram bar: 53,200.02 Riyals
* 500-gram bar: 265,472.73 Riyals
* 250-gram alloy: 132,986.36 Riyals
* 1 kilogram of bullion: 529,545.45 Riyals
Economists suggest the current trend is likely to persist as long as global economic uncertainties remain. Consumers are advised to monitor market fluctuations closely before making notable purchases.