Gold prices in Saudi Arabia have dropped to their lowest level for the second time in a month! This increased the demand on gold across the Kingdom as the upcoming wedding season in Saudi Arabia and India is the main reason to spark the shopping frenzy, and the demand on jewelry and gold.
Gold traders are predicting that demand will increase as buyers opt to wait for further reduction in the next few days.
However, analysts predict that gold is still attractive and that despite recent price variations, the yellow metal continues to be perceived as a sound investment just as it has been over the centuries.
In Jeddah, the price of 22k-gold dropped to SR 154 per gram, down SR 4 from SR 158. However, the price varies among different shops with a difference of SR 2 per gram for 22k gold. (Currency Converter)
Gold trader Ziyad Farsi said the “Saudi gold market is witnessing an increased rush almost after five years. It bodes well for Saudi traders that there is an increase in the demand for 21k gold.”