Gold Price History in Saudi Arabia: A Look at Gold Price

Movements Over the Past Few Years

Gold prices in Saudi Arabia have experienced notable fluctuations over the past years (in January

2018, the price of 24K gold per gram was around 157.6 SAR, while in January 2023, it reached

about 241 SAR for the same karat).

These changes have been influenced by several factors, most

notably global shifts in the price of an ounce (the outbreak of the Ukraine war increased global

demand for gold, leading to a significant surge in the price of gold), the exchange rate of the Riyal

to the Dollar, and regional and global political and economic developments.

2020: Gold prices saw a historic rise, influenced by the Covid-19 pandemic, where the global price

of an ounce exceeded $2,000. This surge reflected in the Saudi local market, with the price of 24K

gold rising by 25%.

2021-2022: Gold prices gradually decreased with the economic recovery and the U.S. Federal

Reserve raising interest rates. In January 2021, the price of 24K gold stood at around 230 SAR,

and it continued to drop to about 205 SAR by mid-2022.