The post Gold price in Saudi Arabia: Rates on October 16 appeared on BitcoinEthereumNews.com.

Gold prices rose in Saudi Arabia on Wednesday, according to data compiled by FXStreet. The price for Gold stood at 321.97 Saudi Riyals (SAR) per gram, up compared with the SAR 321.38 it cost on Tuesday. The price for Gold increased to SAR 3,755.40 per tola from SAR 3,748.46 per tola a day earlier. Unit measure Gold Price in SAR 1 Gram 321.97 10 Grams 3,219.71 Tola 3,755.40 Troy Ounce 10,014.41 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 the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly. Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. 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. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. Gold has an…

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Filed under: News - @ October 16, 2024 5:25 am