Saudi Arabia has a rich history of gold trade, with the precious metal being an integral part of the kingdom’s culture and economy.
The country is known for producing some of the highest quality gold in the world, and its gold market is one of the most active in the Middle East.
As of April 23, 2023, the prices of gold in Saudi Arabia are as follows:
1 gram of 24K gold is priced at 239.24 Saudi Arabian riyals (SAR).
1 gram of 22K gold is priced at 219.62 SAR.
1 gram of 21K gold is priced at 209.33 SAR.
1 gram of 18K gold is priced at 179.43 SAR.
1 gram of 14K gold is priced at 139.95 SAR.
1 gram of 10K gold is priced at 99.76 SAR.
1 gram of 6K gold is priced at 59.81 SAR.
The gold market in Saudi Arabia is highly regulated by the Saudi Arabian Monetary Authority (SAMA), which oversees the country’s financial and banking systems. SAMA also regulates the import and export of gold in the country, and sets guidelines for the quality and purity of gold sold in the market.
One of the most popular gold markets in Saudi Arabia is the Deira Gold Souk in Riyadh, which is home to numerous gold shops selling a wide range of gold jewelry and other products. The souk is a bustling hub of activity, with customers from all over the world coming to buy and sell gold.
Another major player in the Saudi Arabian gold market is the Saudi Arabian Mining Company (Ma’aden), which is a state-owned company responsible for mining and producing gold and other minerals in the country. Ma’aden operates several gold mines in the kingdom, including the Mahd Ad Dahab mine, which is one of the oldest gold mines in the world.
In recent years, the Saudi Arabian government has been taking steps to develop the country’s gold market further, in a bid to diversify the economy and reduce its dependence on oil. The government has been encouraging the growth of the jewelry industry, and has been investing in the development of new gold mines and production facilities.
Overall, the gold market in Saudi Arabia is a dynamic and thriving industry, with a long and rich history. The country’s high-quality gold products and well-regulated market make it a popular destination for gold buyers and investors from around the world.
