The price of 24-karat gold in Saudi Arabia rose today, Saturday, November 23, to 3,800 Saudi riyals.
The price of 10 grams of 24-karat gold is currently set at 3,262 Saudi riyals in the Kingdom, while the price of an ounce of gold recorded 10,145 Saudi riyals.
It is important to note that gold prices fluctuate globally, including in Saudi Arabia, and there may be differences as gold continues to play an important role in the global economy.
The value of gold lies in its scarcity, durability and universal appeal. Gold is often viewed as a safe-haven asset, preserving wealth during economic uncertainty.
Central banks and investors hold gold reserves to diversify their portfolios and hedge against inflation and currency fluctuations.
Its beauty and rarity make it a valuable material for jewelry and luxury goods, and the demand for gold jewelry drives economic activity in the mining, manufacturing and retail sectors.
While the gold standard has been largely abandoned, gold still influences monetary policy and currency exchange rates.
Central banks may use gold reserves to support their currencies and maintain economic stability. In conclusion, gold plays a pivotal role in the economy.
