Riyadh, Jan 23, 2026, 03:03 (AST)
Gold in Saudi Arabia slipped on Thursday, dropping to 578.55 riyals per gram from 581.94 the previous day, according to FXStreet data. The per-tola rate also fell, hitting 6,748.10 riyals. FXStreet noted that its daily updates translate global bullion prices into local currencies and units. 1
The slight drop still keeps local prices close to levels that are hurting jewellery buyers and small investors throughout the kingdom. Saudi Arabia’s retail market usually adjusts swiftly when global bullion climbs, and this week’s changes have been sharp.
The bigger story is offshore. Global gold keeps hitting new records, driven by politics and changing expectations about U.S. interest rates, pushing Gulf prices up in step.
Goodreturns reported that on Jan. 21, 24-carat gold in Saudi Arabia hit 582 riyals per gram, rising 8 riyals from the previous day. The 22-carat price stood at 536, while 18-carat was quoted at 438.50. Prices in Riyadh, Jeddah, and Dammam followed global benchmarks, which Goodreturns noted were trading above $4,800 an ounce at the time. 2
VT Markets reported that gold jumped to 586.10 riyals per gram, up from 573.49 the day before, while the tola price climbed to 6,836.16 riyals. 3
Spot gold climbed above $4,900 an ounce on Thursday, reaching a fresh high of $4,917.65, Reuters reported. Silver and platinum also hit new records. Peter Grant, vice president at Zaner Metals, pointed to “geopolitical tensions” and a “generally weak dollar” as key drivers behind demand. He framed this within a wider “de-dollarisation” trend, where investors are pulling back from reliance on the greenback. 4
The rally hit turbulence on Wednesday when gold pulled back from a record $4,887.82. This came after U.S. President Donald Trump softened his toughest threats regarding Greenland. According to RJO Futures strategist Bob Haberkorn, tariff news “erased most of the gains and put some pressure on metals.” 5
Banks are upping their targets. Goldman Sachs bumped its end‑2026 gold forecast to $5,400 an ounce, up from $4,900. The firm cites private-sector buying and central banks in emerging markets diversifying their holdings as key drivers reshaping demand, according to a Reuters report. 6
This kind of rally can reverse fast. A dip in geopolitical tensions, a bounce in the dollar, or changes in rate forecasts might push buyers out. This week already demonstrated how swiftly headline-driven sell-offs can unfold.
Gold is priced worldwide in dollars, and with Saudi Arabia’s riyal pegged, the daily pressure mostly hits the metal’s global price instead of causing major moves in the exchange rate. For local buyers, though, it amounts to the same thing: pricier gold and sharper swings than they’re accustomed to.
