- Gold Prices Rise in Saudi Arabia.
- It is worth noting that gold prices fluctuate frequently worldwide
- 10 grams of 24-karat gold are priced at SAR 3,219, while an ounce of gold costs SAR 10,013.
Additionally, 10 grams of 24-karat gold is priced at SAR 3,219, while an ounce of gold costs SAR 10,013.
It is worth noting that gold prices fluctuate frequently worldwide, including in Saudi Arabia, and minor variations may occur, as the prices were last updated at 10:28 am on October 18, 2024.
On the previous day, gold prices reached record highs on Thursday due to uncertainty surrounding the U.S. presidential elections and ongoing conflicts in the Middle East, prompting investors to seek safe-haven assets. This situation, coupled with an easing monetary policy environment, kept gold prices elevated.
By 10:23 a.m. ET (1423 GMT), spot gold had increased by 0.6% to $2,689.86 per ounce, while U.S. gold futures gained 0.5% to $2,705.30.
Gold has surged over 30% this year, exceeding record levels, fueled by expectations of additional Federal Reserve rate cuts following a half-percentage-point cut last month and persistent geopolitical uncertainties.
“Amid concerns in the Middle East and the closely contested U.S. election, which generates considerable uncertainty, gold is often viewed as a safe haven,” said Nitesh Shah, commodity strategist at WisdomTree.
Delegates at the London Bullion Market Association’s annual gathering earlier this week predicted that gold prices could rise to $2,941 per troy ounce over the next 12 months.
“The recent LBMA poll indicated that gold prices could rally near $3,000 in the coming year, with silver expected to perform even better, drawing significant attention,” stated Ole Hansen, head of commodity strategy at Saxo Bank.
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