Gold prices in Saudi Arabia were broadly unchanged on Thursday, based on FXStreet data. Gold was priced at SAR 548.40 per gram, compared with SAR 548.01 on Wednesday.
Gold was also steady at SAR 6,396.45 per tola, up from SAR 6,391.83 a day earlier. FXStreet listed SAR 5,484.02 for 10 grams and SAR 17,057.10 per troy ounce.
How FXStreet Calculates Local Gold Prices
FXStreet calculates local prices by converting international rates using the USD/SAR exchange rate and local units. Prices are updated daily at the time of publication and are provided for reference, as local rates may differ slightly.
Central banks are the largest holders of gold, according to the World Gold Council. They added 1,136 tonnes worth about $70 billion in 2022, the highest annual total since records began, with China, India and Turkey increasing reserves.
Gold is often described as a store of value and is used in jewellery. It tends to move inversely to the US Dollar and US Treasuries, and may also fall when stock markets rise.
Gold prices can be affected by geopolitical events, recession fears, interest rates, and moves in the US Dollar. The post was created using an automation tool.
What Could Break The Current Range
Gold’s current price stability seems to be hiding underlying market tension. We are seeing a stronger US dollar, with the Dollar Index holding above 105 for the last month, which normally puts pressure on gold prices. However, the metal is holding its ground, suggesting a strong floor of support is in place.
The Federal Reserve’s decision to pause rate cuts after the three reductions we saw in 2025 is creating uncertainty. Recent US inflation data, with the Consumer Price Index for March 2026 coming in at a stubborn 3.1%, suggests interest rates may stay higher for longer. This environment often boosts demand for gold as a hedge against persistent inflation, even with higher borrowing costs.
We should not ignore the relentless buying from central banks, a trend that accelerated back in 2022 and has continued. The latest World Gold Council report for the first quarter of 2026 shows that emerging market banks added another 290 tonnes to their reserves. This consistent demand acts as a significant buffer against price drops.
Geopolitical tensions are also providing support for gold as a safe-haven asset. Heightened naval activity in the South China Sea over the past few weeks is making investors nervous about riskier assets like stocks. As we observed during the conflicts of 2022 and 2024, such events typically cause capital to flow into the perceived safety of gold.
For derivatives traders, the current price consolidation could be an opportunity. Implied volatility on gold options has been surprisingly low, with the CBOE Gold Volatility Index (GVZ) dipping below 15 this past week, a level we have not seen since late 2025. This suggests that long volatility strategies, like buying straddles or strangles, could be an effective way to position for a significant price move in either direction over the next few weeks.
