LAHORE: The price of per tola price 24-karat gold in Saudi Arabia on Wednesday dated 27, November stands at 3,697 Saudi Riyal (SAR).
Additionally, according to forex.pk, the price for 10 grams of 24-karat gold is currently SAR 3,173, while the price per ounce of gold is set at SAR 9,869.
It is important to note that gold prices fluctuate globally, including in Saudi Arabia, and there may be variations in this information as the prices were last updated at 10:27 AM on November 27, 2024.
Gold, a timeless asset shaping economies
Gold, a precious metal prized for centuries, continues to play a significant role in the global economy. Its value lies in its rarity, durability, and universal appeal. Gold is often seen as a safe haven asset, preserving wealth during economic uncertainties.
Also read: Gold listless as safe-haven demand faces mixed geopolitical signals
Central banks and investors hold gold reserves to diversify portfolios and hedge against inflation and currency fluctuations.
It’s beauty and rarity make it a precious material for jewellery and luxury goods. The demand for gold jewellery drives economic activity in mining, manufacturing, and retail sectors.
While the gold standard has been largely abandoned, gold still influences monetary policy and currency exchange rates. Central banks may use gold reserves to support their currencies and maintain economic stability. In conclusion, gold plays a pivotal role in the economy.
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