Gold rate today in Riyadh (SAR)

What gold costs in Riyadh today

At the last update, one gram of 24k gold in Riyadh works out to about 483.21 SAR, and a gram of 22k to about 442.96 SAR. Per 10 grams, a common size for small bars and rate boards, that is about 4,832.14 SAR for 24k. These are spot-based figures, before any tax, premium or making charge. As the capital and the country's largest city, Riyadh has the widest range of shops and the most competition on making charges in Saudi Arabia.

What moves the gold price in Riyadh

Two numbers set the gold price in Riyadh: the international price in US dollars, about $4,007.9 per ounce at the last update, and the USD/SAR exchange rate, now 3.7500. The riyal has been pegged to the US dollar at 3.75 since 1986, so the riyal gold price follows the dollar price almost one for one. Day to day, nearly all of the movement you see on a Saudi rate board comes from the international gold price itself, not from the currency.

The dollar price itself responds to US interest-rate expectations, the strength of the dollar, inflation data, central-bank buying and geopolitical risk. Our guide to what moves gold prices covers each in turn.

Premiums, making charges and tax in Riyadh

The shelf price in Riyadh is higher than the converted figure above. A shop adds 15% VAT on jewellery (investment gold of 99% purity or more is zero-rated), making charges and the shop's margin. On jewellery, making charges are quoted per gram on top of the gold rate and often lower on plain 21k pieces than on fine 18k work, so two pieces of the same weight and purity can carry very different prices. 21k is the everyday standard for Saudi jewellery, 22k and 18k are widely sold, and 24k comes as bars and coins.

Where gold is bought in Riyadh

Traditional gold shops cluster in the old centre around Al Batha and Deira near Masmak Fort, while the malls and showrooms on Olaya Street and King Fahd Road sell branded and designer pieces. When comparing shops, ask for the gold rate per gram, the purity, the making charge and the buy-back price separately; that is the only way to see which offer is really cheaper.

Buying seasons in Riyadh

Ramadan, Eid al-Fitr and Eid al-Adha, and the wedding season bring the heaviest buying, and bridal gold is still a central part of Saudi weddings. Across Saudi Arabia, demand is strongest around Ramadan and the two Eids, the wedding season, and the Hajj and Umrah periods when pilgrims buy gold as gifts. Seasonal demand tends to show up in shop premiums, promotions and queues rather than in the international price, which is set by global flows. Knowing the calendar helps explain why a local quote can look expensive or cheap against this page in a given week.

Gold market hours in Riyadh

The international gold market trades almost around the clock on weekdays. In Riyadh the London–New York overlap, usually the busiest and most volatile part of the day, runs today from about 15:00–19:00 local time. The two LBMA Gold Price auctions in London, at 10:30 and 15:00 London time, fall at 12:30 and 17:00 in Riyadh, and major US data released at 08:30 New York time, such as payrolls and inflation, lands at 15:30 local time. The week's trading closes at 00:00 on Saturday and reopens at 02:00 on Monday, Riyadh time; over the weekend the price on this page is the last close. Saudi Arabia has no domestic gold futures market, so local rate boards follow the international price, usually updated several times a day. Our gold market hours tool shows the sessions in any time zone.

Riyadh compared with Dubai

A common question is whether gold is cheaper in Dubai. On the converted spot price neither city is cheaper: Dubai quotes about 473.23 AED per gram of 24k, which is the same $128.86 per gram as Riyadh's 483.21 SAR. What differs is what each market adds. In Riyadh that is 15% VAT on jewellery (investment gold of 99% purity or more is zero-rated), making charges and the shop's margin; in Dubai it is 5% VAT on jewellery (investment bars of 99% purity or more are zero-rated), making charges and the shop's margin. Buying abroad also means paying an exchange margin and checking the customs allowance at home.

How this SAR gold price is calculated

Three numbers decide everything on this page. First, the international gold price in US dollars per troy ounce: $4,007.9 at the last update. Second, the exchange rate: 1 USD = 3.7500 SAR. Third, the weight: one troy ounce is 31.1035 grams, and one tola is 11.6638 grams.

1. Price per gram in USD = $4,007.9 ÷ 31.1035 = $128.86.
2. Price per gram in SAR = $128.86 × 3.7500 = 483.21 SAR (24k, pure gold).
3. Price per 10 grams = 483.21 × 10 = 4,832.14 SAR.
4. For a lower purity, multiply by the fineness: 22k = 0.9167, 21k = 0.875, 18k = 0.750.

The gold price comes from COMEX gold futures, which track spot XAUUSD closely but are not identical to it. The exchange rate is a mid-market rate; the rate your bank or money changer gives you will be slightly different. If you want to do the maths yourself, our guide to converting the gold price per gram, tola and kilo walks through every step with worked examples.

What this price does not include

The figures above are the international spot price converted into local currency. They are the starting point for every retail price in Riyadh, but they are not the price you will pay or receive at a shop. The retail or "jeweller" price adds some or all of these on top:

• Import duty or customs charges, where the country imports most of its gold.
• Sales tax, GST or VAT, which may apply to jewellery, to bars and coins, or to both, depending on local law.
• Dealer premium: the margin a bullion dealer or bank adds to the spot price for bars and coins, usually larger on small pieces.
• Making charges (labour) on jewellery, often a percentage of the gold value or a fixed amount per gram.
• Local supply and demand, which can push the physical price to a premium or a discount against the international price for weeks at a time.

When you sell, the buyer usually quotes below the spot-based number and deducts for purity testing, wear and sometimes stones. The gap between the buying and the selling price is the real cost of owning physical gold, and it varies a lot between shops, so it is worth asking several.

Frequently asked questions