Gold prices in Saudi Arabia experienced a sharp decline on Wednesday, February 11, 2026, with 21-karat gold – the most popular grade – falling to just 514.70 Saudi Riyal per gram. The higher-end 24-karat gold registered 573.23 Riyal per gram during morning trading, according to reports.
The downturn affected all grades of the precious metal locally, coinciding with a broader global reversal that impacted international exchanges. Jewelry shops reported a noticeable decrease across the board, with 22-karat gold reaching 540.05 Riyal and 18-karat gold dropping to 441.03 Riyal per gram.
Turbulent conditions in global markets continue to cast a shadow over local prices, with several external factors governing the fate of Saudi gold. These include fluctuations in the US dollar, decisions by major central banks regarding monetary policy, geopolitical tensions driving investors away from safe-haven assets, and influential international economic reports and financial data.
Saudi investors and shoppers are closely monitoring these developments, with many questioning the optimal timing to capitalize on potential investment opportunities. A sense of hesitation prevails, as some fear further declines while others view the current moment as a rare buying opportunity.
Market analysts recommend that those interested in investing in gold closely monitor global developments and carefully analyze price trends before making any purchase or sale decisions. They emphasize the importance of taking full advantage of market volatility in the coming period.
According to data updated on , at 6:32 AM Saudi Arabian time, the current gold prices per gram are as follows: 24K gold is trading at SAR 610.74, 22K gold at SAR 559.85, 21K gold at SAR 534.40, and 18K gold at SAR 458.06. These figures represent raw gold values and exclude jeweler margins, making charges, and Value Added Tax (VAT).
The recent decline follows a period of relative stability and even increases in gold prices throughout January and early February. On , 24K gold was trading at SAR 608.06 per gram, while on , it was SAR 607.36. Prior to that, on , the price stood at SAR 600.32. The sharpest drop occurred between when 24K gold reached SAR 655.60 and the current levels.
The price of gold is influenced by a complex interplay of global factors. The strength of the US dollar is a key determinant, as gold is typically priced in dollars. A stronger dollar tends to make gold more expensive for buyers using other currencies, potentially dampening demand. Central bank policies also play a crucial role. Decisions regarding interest rates and quantitative easing can significantly impact investor sentiment towards gold, which is often seen as a hedge against inflation and economic uncertainty.
Geopolitical risks are another significant driver of gold prices. Periods of heightened tension or instability often lead to increased demand for gold as investors seek a safe haven for their capital. Economic data releases, such as inflation figures and GDP growth rates, can also influence gold prices by affecting expectations about future monetary policy.
The different karats of gold reflect varying levels of purity. 24K gold is the purest form (99.9%) and is primarily used for gold bars and investment-grade coins. 22K gold (91.7%) is commonly used for heavy and traditional jewelry, particularly in Saudi Arabia and South Asia. 21K gold (87.5%) is widely used for traditional jewelry, rings, and bracelets in Saudi Arabia, while 18K gold (75%) is preferred for modern and designer jewelry due to its durability.
As of today, , a Tola of 24K gold is priced at SAR 7,123.68, and a Pawan (a traditional unit of weight) is valued at SAR 4,885.93. An ounce of 24K gold currently costs SAR 18,996.19. These prices are subject to change based on market fluctuations.
The current market conditions present a challenging environment for both investors and consumers. While the recent price decline may offer an attractive entry point for buyers, the potential for further volatility remains. Careful monitoring of global economic and geopolitical developments is crucial for making informed investment decisions.
Goldpriceme.com reports slightly different figures as of today, , listing 24 Karat gold at SAR 589.53 per gram, 22 Karat at SAR 535.97, and 18 Karat at SAR 437.70. These figures are sourced from the Saudi Gold & Jewellery Association and are reported without VAT.
