Gold rates in Saudi Arabia; January 23, 2025

RIYADH: The rate of 24-karat gold in Saudi Arabia reached 3,854 Saudi Riyal (SAR) per tola on Thursday, January 23, 2025, from yesterday’s 3,871 per tola.

According to details from Forex.pk, the price for 10 grams of 24-karat gold in Saudi Arabia is being sold at SAR 3,307. Additionally, the price for an ounce of gold is SAR 10,287.

It is important to note that gold prices are subject to global market fluctuations, including those specific to Saudi Arabia, with the last update recorded at 08:24 am January 23, 2025.

Gold, a highly valued precious metal, has maintained its significance for centuries and plays a vital role in the global economy.

Its value stems from its scarcity, durability, and widespread appeal. Frequently regarded as a safe-haven asset, gold is employed to preserve wealth during times of economic instability.

Central banks and investors maintain gold reserves to diversify their investment portfolios and protect against inflation and currency value fluctuations.

The price of gold depends on 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.

Meanwhile, the exchange rate of the SAR against the Pakistani Rupee (PKR) stands at 74.32 in the open market on Thursday, January 23, 2025.

The rate of Saudi Riyal gained strength by two paisa against the Pakistani Rupee (PKR) based on the closing rate of the previous working day in the open market. As per details, the selling price of the Saudi Riyal now stands at Rs74.52.

The partnership between Pakistan and Saudi Arabia is marked by a long-established and mutually beneficial alliance, underscored by considerable financial assistance from the kingdom.

Each year, millions of Pakistani expatriates working in Saudi Arabia send substantial portions of their earnings back to Pakistan.