Saudi Gold Price Drops to 526.05 SAR per Gram
Gold prices in Saudi Arabia fell on Monday, with the per-gram rate dropping to 526.05 SAR from 528.73 SAR on Friday.
Key points
- Gold price in Saudi Arabia fell to 526.05 SAR per gram on Monday.
- The per-tola price decreased to 6,135.51 SAR from 6,166.96 SAR on Friday.
- Central banks added 1,136 tonnes of gold to reserves in 2022.
Gold prices in Saudi Arabia declined on Monday to 526.05 Saudi Riyals per gram. This represents a drop from 528.73 SAR per gram recorded on Friday.
The per-tola price also fell to 6,135.51 SAR from 6,166.96 SAR. FXStreet compiles these figures by adjusting international rates to local currency units.
Weekly price decline details
The ten-gram bar price stood at 5,260.30 SAR on Monday. The troy ounce equivalent reached 16,362.11 SAR in the local market.
These daily updates reflect the conversion of USD-based global prices into SAR. Local retail rates may vary slightly from these reference values.
Global drivers of gold value
Gold serves as a safe-haven asset during periods of economic uncertainty. Central banks remain the largest holders of the precious metal worldwide.
Institutions added 1,136 tonnes of gold to reserves in 2022. This marked the highest annual purchase volume since records began.
Currency and interest rate links
Gold prices typically move inversely to the US dollar and US Treasuries. A weaker dollar often supports higher gold valuations globally.
Interest rates also significantly impact the metal as a yield-less asset. Higher borrowing costs generally weigh down gold prices.
