Gold prices in Saudi Arabia rose on Saturday, September 16, 2023, with the price of 21-karat gold reaching 203.12 riyals. This is a 0.2% increase from the previous day’s price of 202.95 riyals.
The rise in gold prices in Saudi Arabia came despite a slight decline in global gold prices. The price of gold per ounce on the London Bullion Market was $1,923 on Saturday, down 0.1% from the previous day’s price of $1,924.
The increase in gold prices in Saudi Arabia is likely due to a number of factors, including:
- Inflation: Inflation is rising around the world, which is making gold a more attractive investment as a hedge against inflation.
- Geopolitical uncertainty: Geopolitical uncertainty, such as the war in Ukraine, is also driving up gold prices.
- Demand: Demand for gold is also rising, as investors seek to diversify their portfolios.
The following table summarizes the prices of gold in Saudi Arabia on Saturday, September 16, 2023:
| Gold Purity | Price (SAR) | Price (USD) |
|---|---|---|
| 24K | 231.95 | $61.84 |
| 22K | 212.62 | $56.68 |
| 21K | 202.95 | $54.11 |
| 18K | 173.96 | $46.38 |
| 14K | 135.30 | $36.07 |
| 12K | 115.97 | $30.92 |
| 10K | 96.64 | $25.76 |
| Ounce | 7,213.54 | $1,923.08 |
