Saudi Arabia · SAR · January 2020
Gold Price in Saudi Arabia — January 2020
In January 2020, the gold price in Saudi Arabia closed at approximately ﷼5,941 per troy ounce, equivalent to ﷼2,228 per tola or ﷼191 per gram. This represents a +1.51% change on the month (﷼5,853 open → ﷼5,941 close).
Open
﷼5,853
per troy ounce
Close
﷼5,941
per troy ounce
High
﷼5,962
per troy ounce
Low
﷼5,727
per troy ounce
All unit prices at January 2020 close — Saudi Arabia
| Unit | Weight | Closing SAR price |
|---|---|---|
| Troy ounce | 31.1035 g | ﷼5,941 |
| Gram | 1.0000 g | ﷼191 |
| 10 grams | 10 g | ﷼1,910 |
| Kilogram | 1,000 g | ﷼190,999 |
| Tola | 11.664 g | ﷼2,228 |
Karat-purity breakdown at January 2020 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24K | ﷼191 | ﷼2,226 |
| 22K | ﷼175 | ﷼2,041 |
| 21KSAUDI ARABIA STD | ﷼167 | ﷼1,949 |
| 18K | ﷼143 | ﷼1,671 |
| 14K | ﷼112 | ﷼1,303 |
| 10K | ﷼80 | ﷼929 |
Daily gold price in SAR — January 2020
January 2020 gold market: Year opens with a US–Iran war scare
VolatileA sharp geopolitical spike that mostly held into month-end.
Gold began 2020 near $1,520 and spiked toward $1,610 in the first week after a US drone strike killed Iranian commander Qassem Soleimani, reviving Middle East war fears. The rally faded as tensions cooled, but the metal held most of its gains, closing the month around $1,585 — its highest monthly close in nearly seven years.
The Soleimani strike was a reminder that gold's fastest moves come from surprise geopolitical shocks rather than slow macro trends. What made January unusual was that gold kept most of its war premium even after the immediate crisis passed — a sign that underlying demand was already firm thanks to low real yields and a cooling Federal Reserve. In hindsight, the month was the quiet opening act before COVID-19 rewrote the entire year.
What drove gold in January 2020
- US–Iran military escalation
- safe-haven demand spike
- soft US real yields
- early reports of a novel coronavirus in China
Key events in January 2020
- Jan 3US airstrike kills Iran's Qassem Soleimani; gold gaps higher
- Jan 8Iran missile retaliation; gold tags ~$1,610 then retreats
What happened next
The war scare faded, but within weeks a far bigger shock — COVID-19 — would dominate the rest of 2020.
For gold buyers in Saudi Arabia
January rewarded buyers who already held gold; chasing the geopolitical spike near $1,600 meant paying up right before a brief cooldown.
Key terms this month
- Safe-haven asset:
- An investment expected to hold or gain value during market turmoil; gold is the classic example.
- Real yield:
- A bond's interest rate minus inflation. When real yields fall, non-yielding gold becomes relatively more attractive.
Related months to read
The 2020 gold market: COVID crash, recovery, and the all-time high above $2,000
March 2020 saw a brief gold sell-off during COVID liquidity panic (-12% in 2 weeks) before the metal rocketed to an all-time high of $2,075 in August. Year close: $1,898 — gold's best year since 2010.
Key drivers in 2020
COVID pandemic, unlimited Fed QE, fiscal stimulus, negative real rates, USD weakness
2020 XAU/USD high
$2,075 (Aug)
2020 XAU/USD low
$1,452 (Mar)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The Saudi Arabia gold market
Saudi Arabia's gold market is concentrated in Jeddah and Riyadh, with 21-karat being the regional jewellery standard rather than 22K. Retail prices are quoted per gram. The Kingdom applies a 15% VAT on jewellery making charges (not on the gold metal value itself for investment-grade bars). Saudi gold demand is strongly seasonal, peaking around weddings, Ramadan and Hajj.
Standard quote unit
gram
Common purity
21K
Currency
SAR (﷼)
Daily gold price — January 2020, Saudi Arabia
﷼5,853
$1,560.67/oz
﷼5,727
$1,527.10/oz
﷼5,808
$1,548.80/oz
﷼5,962
$1,589.74/oz
﷼5,899
$1,573.10/oz
﷼5,880
$1,567.90/oz
﷼5,895
$1,572.00/oz
﷼5,816
$1,550.80/oz
﷼5,826
$1,553.60/oz
﷼5,858
$1,562.21/oz
﷼5,812
$1,549.90/oz
﷼5,794
$1,545.10/oz
﷼5,809
$1,549.00/oz
﷼5,830
$1,554.60/oz
﷼5,841
$1,557.60/oz
﷼5,861
$1,562.80/oz
﷼5,851
$1,560.20/oz
﷼5,817
$1,551.30/oz
﷼5,838
$1,556.90/oz
﷼5,861
$1,562.90/oz
﷼5,866
$1,564.30/oz
﷼5,957
$1,588.63/oz
﷼5,925
$1,580.10/oz
﷼5,903
$1,574.00/oz
﷼5,901
$1,573.50/oz
﷼5,919
$1,578.30/oz
﷼5,941
$1,584.20/oz
How Saudi Arabia gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The SAR/USD exchange rate comes from exchangerate-api.com's 2020 year-end snapshot.
Conversion. Every SAR figure on this page is computed as XAU/USD price × SAR/USD rate. We use the year-end exchange rate consistently across all January 2020 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in Saudi Arabia, add the country-specific levies described in the “Saudi Arabiagold market” section above.
FAQ — Saudi Arabia gold price in January 2020
What was the gold price in Saudi Arabia in January 2020?
In January 2020, gold in Saudi Arabia opened at ﷼5,853/oz and closed at ﷼5,941/oz — a move of +1.51% on the month. Per tola: ≈﷼2,228; per gram: ≈﷼191; per 10g: ≈﷼1,910.
What was the 24K gold rate per tola in Saudi Arabia in January 2020?
The 24K gold rate per tola in Saudi Arabia at the January 2020 close was approximately ﷼2,228, derived from international XAU/USD spot of $1,584.20/oz times the 2020-end SAR/USD exchange rate of 3.75. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 21K gold rate per gram in Saudi Arabia in January 2020?
Saudi Arabia's most-quoted retail standard is 21K per gram. At the January 2020 close, that worked out to approximately ﷼167 (21K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
SAR prices on this page are computed from the verified international XAU/USD spot price for January 2020 (sourced from gold-api.com), multiplied by the 2020-end SAR/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The ﷼ figures here represent the international gold spot price converted to SAR at the 2020-end exchange rate. Saudi Arabia's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
Why did gold jump in early January 2020?
The killing of Iranian general Qassem Soleimani on January 3 triggered fears of a wider US–Iran conflict, sending investors into safe-haven gold, which briefly touched about $1,610 per ounce.
Want today's rate in Saudi Arabia? See live gold prices in Saudi Arabia with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2020 archive or the USD-only January 2020 page with the country-by-country list at the bottom.
Other markets? Compare January 2020 prices across other major gold-trading countries: Pakistan, India, United Arab Emirates, United States, United Kingdom.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to SAR at the 2020-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in Saudi Arabia before transacting.