Gold prices rose to Saudi Arabia on Monday, according to data combined by FXSTRETEIVE.
The price for gold stands at 392.60 Saudi Riyals (SAR) per gram, up compared to SAR 390.71 costs on Friday.
The price for gold increased to SAR 4,579.22 per tola from SAR 4,557.18 per tola on Friday.
| Proposal unit | Gold Price in SAR |
|---|---|
| 1 gram | 392.60 |
| 10 grams | 3,926.01 |
| Tola | 4,579.22 |
| Troy ounce | 12,211.27 |
The FXSTRETEIVE calculates gold prices in Saudi Arabia by adapting international prices (USD/SAR) to local currency and measurement units. Prices are updated day -day based on market rates taken at the time of publication. Prices are only for reference and local rates may vary.
Gold FAQs
Gold plays an important role in human history because it is widely used as a store of value and exchange medium. Currently, in addition to its brightness and use for jewelry, precious metal is widely seen as a safe property, which means it is considered a good investment during the chaotic period. Gold is widely seen as a fence against inflation and against the removal of money because it does not rely on any specific or government.
Central banks are the largest gold holder. With their goal to support their money in chaotic time, the middle banks tend to vary their reserves and buy gold to improve the noticeable economic strength and the money. High gold reserves can be the source of trust for the solvency of a country. Central Banks added 1,136 tons of gold worth $ 70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest annual purchase since the notes began. Middle banks from emerging economies such as China, India and Turkey are rapidly increasing their gold reserves.
Gold has an opposite correlation with the US and US Treasury dollars, which is both major reserve and safe properties. When the dollar reduces, gold tends to rise, enabling investors and middle banks to vary their properties in turbulent times. Gold is also inversely linked to risk ownership. A rally in the stock market tends to weaken the price of gold, while sellers in the risk markets tend to favor precious metal.
The price can be moved due to a wide range of factors. Geopolitical instability or fear of a deep recession can rapidly increase the price of gold due to the status of the safe haven. As a small yield property, gold tends to rise with lower interest rates, while the higher cost of money usually weighs yellow metal. However, most moves depend on how the US dollar (USD) acts as the property is priced at the dollar (XAU/USD). A strong dollar tends to maintain the price of gold controlled, while a weaker dollar is likely to push gold prices.
(An automation tool has been used in the creation of this post.)
