Gold prices in Saudi Arabia remained steady on Tuesday, with the cost per gram recorded at 348.47 Saudi Riyals (SAR), slightly down from 348.55 SAR the previous day. The price for a tola was 4,064.41 SAR, compared to 4,065.43 SAR on Monday.
Current gold prices are as follows: 1 gram at 348.47 SAR, 10 grams at 3,484.64 SAR, a tola at 4,064.41 SAR, and a troy ounce at 10,838.78 SAR. Prices are adjusted daily, reflecting international market trends in USD/SAR.
Central Banks And Gold Reserves
Central banks play a major role in gold demand, having added 1,136 tonnes to their reserves in 2022, amounting to about $70 billion. This marks the largest annual purchase recorded, with countries like China, India, and Turkey increasing their holdings.
Factors influencing gold prices include geopolitical instability and interest rates, with demand rising in uncertain times. The performance of the US Dollar also significantly affects gold pricing, as a weak dollar tends to increase gold values.
Gold appears to be holding its ground in Saudi Arabia, with only minor fluctuations since the start of the week. A gram is currently priced at 348.47 SAR, reflecting a marginal dip from the previous day’s 348.55 SAR. For those tracking larger quantities, the cost of a tola stands at 4,064.41 SAR, while a troy ounce is now 10,838.78 SAR. These daily price changes stem from shifts in the broader market, particularly movements in the USD/SAR exchange rate.
The buying patterns of central banks have been reinforcing gold’s role as a store of value. In 2022, purchases totalled an immense 1,136 tonnes—a record-breaking accumulation worth roughly $70 billion. That scale of acquisition signals deeper confidence in gold as a hedge, particularly from nations such as China, India, and Turkey, all of which expanded reserves.
Key Factors Affecting Gold Prices
Several key elements contribute to how gold is priced, and among them, geopolitical tensions and interest rate decisions are often the most influential. When uncertainty rises, demand for gold follows suit. Another factor that cannot be ignored is the performance of the US Dollar; when it weakens, gold tends to become more attractive. Given the current conditions, these aspects will remain the primary forces shaping market direction in the short term.
Looking ahead, those engaged in trading strategies that hinge on price movements should remain attentive to shifts in central bank policies and economic data that might impact currency strength. Market conditions can change quickly, and gold’s sensitivity to financial developments means that broad trends, rather than short-term volatility, will determine the next move.
