Commodities
Gold Prices Rise in Saudi Arabia Amid Global Reserve Additions
Gold prices in Saudi Arabia rose on September 18, according to data compiled by FXStreet. The price of gold stood at SAR 526.83 per gram, up from SAR 524.36 it cost the day before.
The price for gold increased to SAR 6,144.61 per tola from SAR 6,116.00 per tola a day earlier. Central banks have been increasing their gold reserves in recent years, with emerging economies such as China and India quickly adding to their holdings.
Gold is considered a safe-haven asset and tends to rise when the US dollar depreciates or interest rates are low. However, a strong US dollar can keep gold prices under control.