Gold prices rise in Saudi Arabia as global markets surge

Gold prices in Saudi Arabia surged on Thursday, mirroring a robust rally in global gold markets. The price of 21-carat gold and other grades increased at the beginning of trading, aligning with the strong upward trend in the precious metal on the international exchange. On Thursday, gold was trading at $4,491 per ounce on the global exchange, experiencing a slight decline of 0.73% due to profit-taking following an earlier peak of $4,525.79, which was the highest level since early June. In contrast, US gold futures rose by 0.2%, reaching $4,553.30.

The price of 21-carat gold in Saudi Arabia opened at 473.08 riyals (SAR) per gram on Thursday, an increase from the closing figure of 459.40 riyals on Wednesday. The prices for gold in Saudi Arabia on Thursday, 7-3-1448 Hijri, varied depending on the carat weight. For example, the price of an 8-gram gold sovereign in the country saw fluctuations based on the prevailing market conditions.