Mild Decline in Gold Prices Witnessed in Saudi Arabia
Saudi Arabia’s gold market observed a mild decline in prices at the onset of trading on Tuesday, October 17, 2023. The price for a gram of 21-carat gold was recorded at SAR 202.09, slightly down from SAR 202.59 the previous day.
Gold Price Breakdown
The gold prices in Saudi Arabia on this day varied according to the carat. Here’s a breakdown of the prices in Saudi Riyals (SAR) and US Dollars (USD):
– 24-carat gold was priced at SAR 230.96, USD 61.59.
– 22-carat gold was at SAR 211.71, USD 56.46.
– 21-carat gold stood at SAR 202.09, USD 53.89.
– 18-carat gold was available for SAR 173.22, USD 46.19.
– 14-carat gold was priced at SAR 134.73, USD 35.93.
Additionally, an ounce of gold was priced at SAR 7,183, USD 1,915, a gold pound at SAR 1,617, USD 431.13, and a kilogram of gold was SAR 230,957, USD 61,588.
Exchange Rate: Saudi Riyal in Egypt
On the same day, the exchange rate for Saudi Riyal in Egypt was SAR 1 to EGP 8.21 for buying. It was EGP 8.25 for selling at the Egyptian Central Bank. Meanwhile, the rates were EGP 8.19 for buying and EGP 8.22 for selling at both the National Bank of Egypt and Bank of Egypt.
Saudi Arabia, being one of the largest economies in the Middle East, has a significant market for gold, which is a preferred investment asset among locals. The gold prices in Saudi Arabia are influenced by global market trends, local demand, and the USD-SAR exchange rate dynamics. This slight dip in gold prices reflects the global and local economic conditions influencing the gold market.
