Gold Price in Saudi Arabia Today Per Gram 21k, 22k. Gold is one of the most valuable metals in the world. So, naturally, it is high in price. Almost everywhere you can find gold, though there are many factors on which the price depends. Saudi Arabia is rich in gold and oil. In Saudi Arabia, there are many gold mines. Actually, Middle East is rich in gold and oil. Today in this article, we will talk about gold price in Saudi Arabia.
Current Gold Price in Saudi Arabia
Most of us know that Saudi Arabia is rich in both oil and gold. So there are many gold mines across Saudi Arabia. The gold price depends on many factors such as the value of currency, availability, demand, and supply, interest in gold, exportation, etc. We will talk about the factors later in this discussion.
Read more: Gold Price in Bangladesh Today
Now, we will discuss the Gold Price in Saudi Arabia. In Saudi Arabia, Gold prices are measured by Saudi Arabian Riyal (SAR).
- Gold Price in Saudi Arabia today is 224.79 SAR/Gram 24k.
- Per Ounce Gold Price in Saudi Arabia is 6990.83 SAR and
- Per Tola costs 2621.56 SAR.
Again, there are different types of gold such as 24 Carat, 22 carets, 21 carets, 18 carets, 14 carets, etc. So, the Gold Price in Saudi Arabia is also different in those varieties.
- Per gram 24 carets gold costs 224.79 SAR
- Per gram 22 carets gold costs 206.52 SAR
- Per gram 21 carets Gold costs 196.84 SAR
- Per gram 18 carets gold costs 168.72 SAR
- Per gram 14 carets gold costs 131.60 SAR and
- Per gram 10 carets gold costs 93.81 SAR.
Check also: Gold Price in Dubai Today Rate
Factors of Gold Price in Saudi Arabia
People generally buy 24 carets or 22 carets gold because of its quality. As we all more or less know that gold price is not static. It is seen that sometimes the price is so high and sometimes it is low. Factors behind it are now discussed below:
Currency: When the value of the currency is high, the price of gold is low.
Availability: There are many gold mines in Saudi Arabia. So, they can fulfill the demand for gold of their population, as well as they, can export. So, the Gold Price in Saudi Arabia is comparatively lower than in other countries like Bangladesh. Bangladesh has to export gold from countries like Saudi Arabia. The exportation cost also increases the price.
Interest on Gold: if the government sets a high tax on gold. The price will be automatically increased.
One more thing, in a festival season such as Eid in Saudi Arabia, the Gold Price gets high for excessive demand of the population. These are some common and major factors of gold price.
Check also: Gold Price in Singapore 2022
We have discussed the Gold Price in Saudi Arabia. We can see the price of different types of gold and how much will it cost to buy. We also talked about some of the factors that work behind the gold price in Saudi Arabia. For more information like Gold Price in Saudi Arabia, you can follow our website. We are up to date with current and exclusive information.