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Saudi Arabia Sees Rise in Gold Prices Amid Global Reserve Purchases
Gold prices have risen in Saudi Arabia, according to data from FXStreet. On Tuesday, September 8, the price of Gold stood at SAR 535.29 per gram, an increase compared to Monday's rate of SAR 532.76 per gram.
The price for Gold also increased to SAR 6,243.56 per tola from SAR 6,214.04 per tola a day earlier.
FXStreet calculates Gold prices in Saudi Arabia by adapting international prices (USD/SAR) to the local currency and measurement units. Prices are updated daily based on market rates taken at the time of publication.
The Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began.