Tuesday, 15 October 2024, 5:10 PM
Gold Unit | Saudi Arabian Riyal | U.S. Dollar |
---|---|---|
Gold Ounce | 10,012.35 | 2,666.89 |
Gold Gram Karat 24k | 321.94 | 85.75 |
Gold Gram Karat 22k | 294.90 | 78.55 |
Gold Gram Karat 21k | 281.70 | 75.03 |
Gold Gram Karat 18k | 241.46 | 64.31 |
Gold Gram Karat 14k | 188.34 | 50.17 |
Gold Gram Karat 12k | 160.97 | 42.88 |
Gold Gram Karat 10k | 134.25 | 35.76 |
Gold Gram Karat 9k | 120.73 | 32.16 |
Gold Gram Karat 8k | 107.21 | 28.56 |
In Saudi Arabia, gold is a significant part of cultural heritage and social status, and various karats are commonly used in jewelry. The most popular gold karat is 24K, which is considered pure gold (99.9% gold content). This high purity is favored for investment purposes and traditional gifts, particularly during weddings and special occasions.
Next is 22K, which consists of 91.6% gold. It is highly sought after for jewelry due to its rich color and durability while still maintaining a substantial amount of gold. It is often used in wedding sets and traditional Arabian designs.
Following closely is 18K gold, which contains 75% gold content. While less common than the higher karats, it is preferred for modern jewelry styles and offers a good balance of quality and affordability.
Less frequently, 14K and 10K gold are used in some pieces, particularly for casual jewelry or items aimed at a lower price point, with gold content of 58.3% and 41.7%, respectively. However, these lower karats are less prevalent in the traditional markets of Saudi Arabia.
The price of gold in Saudi Arabia is influenced by several key factors, primarily driven by global market trends and local economic conditions. One of the main determinants is the international gold market, where prices fluctuate based on supply and demand dynamics. Global factors such as geopolitical tensions, inflation rates, and currency fluctuations—especially the value of the US dollar—play a significant role in setting the global gold price.
Locally, the Saudi Arabian economy also affects gold prices. As one of the largest consumers of gold in the region, demand from both retail and industrial sectors can impact prices. The prevalence of gold jewelry, investment products, and gold trading influences the market significantly.
The Saudi government, through its regulatory bodies, monitors and taxes gold trading, which can also contribute to price variations. Furthermore, local jewelers and retailers consider their overhead costs, including import duties and logistics, when pricing gold for consumers. Overall, gold prices in Saudi Arabia reflect a combination of these international and local factors, leading to a dynamic pricing environment for this precious metal.
The outlook for gold prices in Saudi Arabia remains a topic of considerable interest among investors and analysts alike. Recent trends suggest that gold could experience fluctuations driven by various factors, including global economic conditions, geopolitical tensions, and changes in currency values. Analysts predict that if inflation persists globally, demand for gold as a safe-haven asset may increase, potentially driving prices higher.
Strong interest in gold is also expected to continue in Saudi Arabia due to cultural factors and its significance in the local economy. Saudis often invest in gold for both personal and long-term wealth preservation. As the nation diversifies its economy away from oil dependence, gold could become an increasingly integral part of investment portfolios.
Moreover, any changes in the U.S. Federal Reserve's monetary policy could significantly impact gold prices. A pause in interest rate hikes might lead to a surge in gold demand, while aggressive rate increases could have the opposite effect. Overall, while predictions remain uncertain, the prospects for gold in Saudi Arabia in the coming months appear cautiously optimistic, appealing to both local investors and international market players.
Date | Gold Ounce | Gold Gram Karat 24 | Gold Gram Karat 22 | Gold Gram Karat 21 | Gold Gram Karat 18 | Gold Gram Karat 14 |
---|---|---|---|---|---|---|
14 October 2024 | 9,987.10 | 321.13 | 294.34 | 280.93 | 240.77 | 187.38 |
11 October 2024 | 9,965.89 | 320.45 | 293.72 | 280.33 | 240.26 | 186.98 |
12 October 2024 | 9,988.11 | 321.16 | 294.37 | 280.96 | 240.79 | 187.39 |
11 October 2024 | 9,933.68 | 319.41 | 292.77 | 279.43 | 239.48 | 186.37 |
10 October 2024 | 9,803.76 | 315.23 | 288.94 | 275.77 | 236.35 | 183.94 |
9 October 2024 | 9,828.80 | 316.04 | 289.68 | 276.48 | 236.95 | 184.41 |
8 October 2024 | 9,936.72 | 319.51 | 292.86 | 279.51 | 239.55 | 186.43 |
7 October 2024 | 9,937.83 | 319.54 | 292.89 | 279.55 | 239.58 | 186.45 |
6 October 2024 | 9,963.61 | 320.37 | 293.65 | 280.27 | 240.20 | 186.93 |
5 October 2024 | 9,965.20 | 320.42 | 293.70 | 280.32 | 240.24 | 186.96 |
4 October 2024 | 10,012.51 | 321.95 | 295.09 | 281.65 | 241.38 | 187.85 |
3 October 2024 | 9,955.73 | 320.12 | 293.42 | 280.05 | 240.01 | 186.79 |
2 October 2024 | 9,952.41 | 320.01 | 293.32 | 279.96 | 239.93 | 186.72 |
1 October 2024 | 9,898.29 | 318.27 | 291.73 | 278.43 | 238.63 | 185.71 |
30 September 2024 | 9,976.97 | 320.80 | 294.05 | 280.65 | 240.52 | 187.19 |
29 September 2024 | 9,950.03 | 319.94 | 293.25 | 279.89 | 239.88 | 186.68 |
28 September 2024 | 9,950.03 | 319.94 | 293.25 | 279.89 | 239.88 | 186.68 |
27 September 2024 | 10,029.36 | 322.49 | 295.59 | 282.12 | 241.79 | 188.17 |
26 September 2024 | 9,978.32 | 320.85 | 294.09 | 280.68 | 240.56 | 187.21 |
25 September 2024 | 9,977.42 | 320.82 | 294.06 | 280.66 | 240.54 | 187.19 |
24 September 2024 | 9,899.39 | 318.31 | 291.76 | 278.46 | 238.65 | 185.73 |
23 September 2024 | 9,849.08 | 316.69 | 290.28 | 277.05 | 237.44 | 184.79 |
22 September 2024 | 9,848.95 | 316.69 | 290.27 | 277.05 | 237.44 | 184.78 |
21 September 2024 | 9,848.95 | 316.69 | 290.27 | 277.05 | 237.44 | 184.78 |
20 September 2024 | 9,721.55 | 312.59 | 286.52 | 273.46 | 234.37 | 182.39 |
19 September 2024 | 9,623.21 | 309.43 | 283.62 | 270.69 | 232.00 | 180.55 |
18 September 2024 | 9,624.31 | 309.46 | 283.65 | 270.73 | 232.02 | 180.57 |
17 September 2024 | 9,672.42 | 311.01 | 285.07 | 272.08 | 233.18 | 181.47 |
16 September 2024 | 9,697.93 | 311.83 | 285.82 | 272.80 | 233.80 | 181.95 |
15 September 2024 | 9,696.20 | 311.77 | 285.77 | 272.75 | 233.76 | 181.92 |
In Saudi Arabia, the making charges for gold jewelry are an important factor to consider when purchasing gold items. These charges typically range from 5% to 15% of the gold price per gram, depending on the intricacy of the design and the jeweler's reputation. For instance, if the market price of gold is approximately 250 SAR per gram, the making charges can add an additional cost of around 12.5 SAR to 37.5 SAR per gram.
The absolute value varies widely as it is influenced by the craftsmanship involved, whether the piece is handmade or machine-made, and the complexity of design elements. High-end jewelry with intricate designs may incur making charges on the higher end of the spectrum, while simpler designs typically attract lower percentages.
It's advisable for consumers to inquire about these charges before making a purchase, as this can significantly affect the overall cost of the jewelry. Understanding these aspects can help buyers make informed decisions and find the best value for their investment in gold in Saudi Arabia.