Business · Markets · 15 hrs ago
Saudi gold buyers turn to small bars as prices climb
Gold prices in Saudi Arabia have climbed as the global price of an ounce rose above $4,100.
Raw gold was priced at 432.99 riyals per gram for 21-carat gold, while new 21-carat jewellery can cost about 510 riyals per gram including workmanship and tax.
Buyers are shifting from jewellery to saving, with small gold bars and ounce-size bars leading demand in Jeddah and the Eastern Province.
Many customers are also selling old gold to take advantage of high prices, while some new buyers are choosing smaller amounts instead of full jewellery sets.
A weaker US dollar and lower US bond yields have supported gold, according to economists cited in the story.
Central bank purchases and record holdings in gold funds have also added to demand, while prices remain volatile.
Economists expect gold to keep fluctuating, with one forecast putting its range at $3,874 to $4,196 this month.
Saudi gold buyers are shifting from jewelry to saving as prices climb, with small bars among the most popular purchases.
Raw gold in Saudi Arabia was priced at 432.99 riyals per gram for 21-karat gold and 494.85 riyals for 24-karat gold.
The global gold price exceeded $4,100 an ounce, and buyers are increasingly choosing small quantities rather than full jewelry sets.
Some customers are selling old gold to take advantage of high prices, while traditional seasonal demand has weakened.
Economists cited a weaker dollar and lower US bond yields among factors behind gold’s rise.
- Who
- Saudi gold buyers, sellers and market experts.
- What
- Buyers are turning to small gold bars and other small quantities as prices rise, while some customers sell old gold.
- When
- The article was published on November 9, 2026. It describes buying patterns during that week.
- Where
- Saudi Arabia, including Jeddah and the Eastern Province.
- Why
- High gold prices are encouraging saving and investment. Experts also cite a weaker dollar and lower US bond yields.
This story does not have two clearly opposing sides.
Central bank gold purchases reached 321 tonnes, according to the economist quoted in the article.
Gold touched $4,146.63 an ounce, its highest level in two weeks, according to the article.
The article reported that small bars were among the most sought-after gold products that week.
- 21-karat raw gold
- 432.99 riyals per gram
- 24-karat raw gold
- 494.85 riyals per gram
- Gold ounce
- 15,389 riyals; 31.1 grams
- Small bar sizes
- 1 to 5 grams
- One-gram bar
- 547 riyals
- Central bank purchases
- 321 tonnes in the third quarter of 2026
What people are saying
Many customers today come to sell the old gold they have to benefit from the historic price, while the new buyer is now looking for a few grams, not complete sets
Traditional seasons that used to revive the market, such as Ramadan, holidays and wedding seasons, have declined this year in favor of the saving season
the yellow metal is still likely to rise in the coming period