LAHORE: The rates of per tola price 24-karat gold in Saudi Arabia on Monday (December 2) dropped to 3,723 Saudi Riyal (SAR).
According to forex.pk, the 10 grams of 24-k gold is being sold for SAR 3,195 in the kingdom while the per ounce gold price stands at SAR 9,938.
Note: The gold price across the world, including Saudi Arabia, changes constantly and there will be some differences in this post as the prices were updated at 10:42 am on December 2, 2024.
On November 30, the price of 24-karat gold per tola in Saudi Arabia experienced a surged-on Saturday, November 30, settling at 3,740 Saudi Riyals (SAR).
Additionally, according to forex.pk, the price for 10 grams of 24-karat gold were recorded at SAR 3,209 while the price per ounce of gold were set at SAR 9,983.
Gold, a timeless asset shaping economies
Gold, a precious metal prized for centuries, continues to play a significant role in the global economy. Its value lies in its rarity, durability, and universal appeal. Gold is often seen as a safe haven asset, preserving wealth during economic uncertainties.
Central banks and investors hold gold reserves to diversify portfolios and hedge against inflation and currency fluctuations.
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It’s beauty and rarity make it a precious material for jewellery and luxury goods. The demand for gold jewellery drives economic activity in mining, manufacturing, and retail sectors.
While the gold standard has been largely abandoned, gold still influences monetary policy and currency exchange rates. Central banks may use gold reserves to support their currencies and maintain economic stability. In conclusion, gold plays a pivotal role in the economy.
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