Gold rates in Saudi Arabia today- 20 November 2024

The rates of per tola price 24-karat gold in Saudi Arabia on Wednesday (November 20) climbed to 3,669 Saudi Riyal (SAR).

According to forex.pk, the 10 grams of 24-k gold is being sold for SAR 3,149 in the kingdom while the per ounce gold price stands at SAR 9,794.

Note: The gold rates across the world, including Saudi Arabia, changes constantly and there will be some differences in this post as the prices were updated at 05:50 pm on November 20, 2024.

On 18 Nov, the rate of per tola price 24-karat gold in Saudi Arabia stood at 3,599 Saudi Riyal (SAR).

According to forex.pk, the 10 grams of 24-k gold is being sold for SAR 3,089 in the kingdom while the per ounce gold price stands at SAR SAR 9,609.

Similarly on 15 Nov, the rate of per tola price 24-karat gold in Saudi Arabia was around 3,633 Saudi Riyal (SAR).

While, the 10 grams of 24-k gold was being sold for SAR 3,118 in the kingdom while the per ounce gold price was at SAR 9,698.

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.

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.