Gold prices in Saudi Arabia: Your complete guide
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A major update that’s been keeping everyone on their toes lately is the gold prices in Saudi Arabia. Trust us, we’re right there with you, and when in doubt, What’s On Saudi Arabia is the answer.
Recently, gold prices in Saudi Arabia have been at an all-time high, experiencing a strong upward trend, closely following the market momentum. Currently, prices are fluctuating daily based on global market trends and local demand.
Please note that a 15 per cent Value Added Tax (VAT) applies to gold in Saudi Arabia, particularly on jewellery, increasing the final cost.
Gold prices as of today
These prices were provided by Joyalukkas per Gulf News.
24-Carat
This morning, 24-carat gold cost SAR624 per gram and will increase by SAR4 to SAR628 this afternoon and remain at the same price in the evening. Yesterday, the price was SAR622 per gram.
22-Carat
This morning, 22-carat gold cost SAR573 per gram and will increase by SAR3 to SAR576 this afternoon and remain at the same price in the evening. Yesterday, the price was SAR571 per gram.
18-Carat
This morning, 18-carat gold cost SAR469 per gram and will increase by SAR3 to SAR471 this afternoon and remain at the same price in the evening. Yesterday, the price was SAR468 per gram.
Why are the prices rising?
The prices jumped by SAR11 recently on February 9 when they went from SAR612 to SAR623 for 24-carat, by SAR10 when they went from SAR562 to SAR572 for 22-carat, and by SAR8 when they went from SAR460 to SAR468 for 18-carat gold.
According to a report by The Economic Times, gold and silver prices are rising due to a weaker US dollar and lower treasury yields. The dollar’s decline makes gold and silver priced in dollars cheaper for overseas buyers. Analysts say currency weakness and bond yield movement remain the main drivers.
Image: Getty
