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Commodities

Saudi Gold Prices Surge Amid Central Bank Demand

Guavy AI Editorial Team
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Gold
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Saudi Arabia's gold prices saw an upward trend on Friday, according to FXStreet data. The metal rose to SAR 526.83 per gram from SAR 524.36 on Thursday.

The price of gold in Saudi Arabia has been influenced by central bank demand, with institutions adding over 1,136 tonnes valued at about $70 billion in 2022, according to World Gold Council data. This significant institutional demand creates a strong price floor for the precious metal.

According to FXStreet's market context, gold acts as both a store of value and safe-haven asset. Its price is inversely correlated with the US Dollar and US Treasuries, making it susceptible to geopolitical risk, recession fears, and interest-rate shifts.

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