Gold price in Saudi Arabia: Rates on September 30 – Crypto News – Crypto News
Connect with us
XAU/USD bids sparked by benign FOMC minutes XAU/USD bids sparked by benign FOMC minutes

others

Gold price in Saudi Arabia: Rates on September 30 – Crypto News

Published

11 months ago

on

Gold prices remained broadly unchanged in Saudi Arabia on Monday, according to data compiled by FXStreet.

The price for Gold stood at 320.35 Saudi Riyals (SAR) per gram, broadly stable compared with the SAR 320.63 it cost on Friday.

The price for Gold was broadly steady at SAR 3,736.50 per tola from SAR 3,739.71 per tola on friday.

Unit measure Gold Price in SAR
1 Gram 320.35
10 Grams 3,203.50
Tola 3,736.50
Troy Ounce 9,964.01


FXStreet calculates Gold prices in Saudi Arabia by adapting international prices (USD/SAR)
to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of
publication. Prices are just for reference and local rates could diverge slightly.

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.


(An automation tool was used in creating this post.)

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending