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Reading: Today’s Gold Price in Saudi Arabia: Gold Holds Steady, as per FXStreet Data
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Gulf Press > Business > Forex > Today’s Gold Price in Saudi Arabia: Gold Holds Steady, as per FXStreet Data
Forex

Today’s Gold Price in Saudi Arabia: Gold Holds Steady, as per FXStreet Data

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Last updated: 2024/12/31 at 3:02 PM
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Gold prices in Saudi Arabia remained steady on Tuesday, with the price for Gold at 314.83 Saudi Riyals (SAR) per gram and 3,672.16 SAR per tola. The prices were relatively unchanged from the previous day, showcasing stability in the market. These prices are based on international rates adapted to local currency and measurement units by FXStreet.

Gold has been a significant asset throughout history, used as a store of value and medium of exchange. Beyond its use in jewelry, Gold is considered a safe-haven asset, making it a popular investment during turbulent times. It is also viewed as a hedge against inflation and depreciating currencies, as it is not reliant on any specific issuer or government. Central banks hold the largest Gold reserves, adding to them in times of economic uncertainty to improve the perceived strength of the economy and currency.

Central banks worldwide have been increasing their Gold reserves, with 1,136 tonnes of Gold worth around $70 billion added to reserves in 2022, representing the highest yearly purchase since records began. Emerging economies such as China, India, and Turkey are among those rapidly increasing their Gold holdings. Gold prices have an inverse correlation with the US Dollar and US Treasuries, major reserve assets. When the Dollar weakens, Gold prices tend to rise, allowing investors and central banks to diversify their assets in times of market volatility.

Various factors can influence Gold prices, including geopolitical instability, fears of recession, interest rates, and the behavior of the US Dollar, as Gold is priced in dollars (XAU/USD). A strong Dollar typically keeps Gold prices in check, while a weaker Dollar tends to push prices higher. Additionally, Gold prices are impacted by the performance of risk assets, with rallies in the stock market leading to a decrease in Gold prices and sell-offs in risky markets favoring the precious metal. Overall, Gold remains a valuable asset for investors seeking stability and diversification in their portfolios.

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News Room December 31, 2024
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