Saudi Arabia Bolsters Its Position as a Major Gold Market

The World Gold Council's Head of Middle East and Public Policy, Andrew Naylor, believes that Saudi Arabia is strengthening its position as a key market in the region. According to Naylor, gold prices have climbed to record levels in 2026, driven by growth in investment and consumer spending, as well as the expansion of tourism and financial activity.

Naylor noted that global gold demand reached about 1,269 tons in the second quarter of 2026, with a value of around $380 billion. The metal's average price under the London benchmark reached $4,506 per ounce in the same period, a significant increase from its level last year.

The World Gold Council attributes gold's increased importance to ongoing geopolitical and economic uncertainty worldwide. Naylor explained that investors are not reacting only to individual events, but to an environment characterized by growing and persistent risks, including concerns over rising global debt levels.