Saudi Arabia · SAR · August 2020
Gold Price in Saudi Arabia — August 2020
In August 2020, the gold price in Saudi Arabia closed at approximately ﷼7,340 per troy ounce, equivalent to ﷼2,753 per tola or ﷼236 per gram. This represents a -0.57% change on the month (﷼7,382 open → ﷼7,340 close).
Open
﷼7,382
per troy ounce
Close
﷼7,340
per troy ounce
High
﷼7,752
per troy ounce
Low
﷼7,167
per troy ounce
All unit prices at August 2020 close — Saudi Arabia
| Unit | Weight | Closing SAR price |
|---|---|---|
| Troy ounce | 31.1035 g | ﷼7,340 |
| Gram | 1.0000 g | ﷼236 |
| 10 grams | 10 g | ﷼2,360 |
| Kilogram | 1,000 g | ﷼235,994 |
| Tola | 11.664 g | ﷼2,753 |
Karat-purity breakdown at August 2020 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24K | ﷼236 | ﷼2,750 |
| 22K | ﷼216 | ﷼2,521 |
| 21KSAUDI ARABIA STD | ﷼206 | ﷼2,409 |
| 18K | ﷼177 | ﷼2,064 |
| 14K | ﷼138 | ﷼1,610 |
| 10K | ﷼98 | ﷼1,148 |
Daily gold price in SAR — August 2020
August 2020 gold market: All-time high near $2,075 — then a sharp reversal
VolatileA record high followed by one of the year's sharpest drops.
Gold made history on August 7, hitting an all-time high around $2,075 per ounce. The euphoria was short-lived: a rebound in real yields and a firmer dollar triggered a swift correction back toward $1,930. August marked the peak of gold's COVID-era bull run.
August's top had all the hallmarks of a blow-off: a near-vertical final push, breathless media coverage, and record speculative positioning. The trigger for the reversal was subtle but decisive — a bounce in real (inflation-adjusted) yields off their lows. Because gold's entire 2020 case rested on collapsing real yields, even a modest rebound was enough to knock the metal down over $100 in days. The $2,075 high would then cap gold for more than three years, not broken decisively until 2024.
What drove gold in August 2020
- record-low real yields driving the blow-off top
- subsequent rebound in real yields
- firmer US dollar
- profit-taking after a parabolic move
Key events in August 2020
- Aug 7Gold sets an all-time high near $2,075/oz
- Aug 11Sharpest one-day drop in years as yields rebound
What happened next
The $2,075 peak became a multi-year ceiling that gold did not decisively break until 2024.
For gold buyers in Saudi Arabia
August was a textbook blow-off: the record high near $2,075 became a ceiling that capped gold for years, punishing top-buyers.
Key terms this month
- Blow-off top:
- A steep, climactic price surge that quickly reverses as buying exhausts itself.
- All-time high:
- The highest price an asset has ever reached; gold's stood near $2,075 from August 2020 until 2024.
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 — August 2020, Saudi Arabia
﷼7,382
$1,968.63/oz
﷼7,450
$1,986.77/oz
﷼7,345
$1,958.60/oz
﷼7,417
$1,977.90/oz
﷼7,681
$2,048.20/oz
﷼7,752
$2,067.20/oz
﷼7,617
$2,031.20/oz
﷼7,687
$2,049.92/oz
﷼7,667
$2,044.50/oz
﷼7,274
$1,939.70/oz
﷼7,245
$1,931.90/oz
﷼7,291
$1,944.30/oz
﷼7,293
$1,944.80/oz
﷼7,467
$1,991.09/oz
﷼7,398
$1,972.90/oz
﷼7,533
$2,008.80/oz
﷼7,429
$1,981.00/oz
﷼7,227
$1,927.20/oz
﷼7,217
$1,924.40/oz
﷼7,357
$1,961.89/oz
﷼7,290
$1,944.00/oz
﷼7,167
$1,911.20/oz
﷼7,249
$1,933.00/oz
﷼7,215
$1,923.90/oz
﷼7,340
$1,957.40/oz
﷼7,413
$1,976.78/oz
﷼7,340
$1,957.40/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 August 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 August 2020
What was the gold price in Saudi Arabia in August 2020?
In August 2020, gold in Saudi Arabia opened at ﷼7,382/oz and closed at ﷼7,340/oz — a move of -0.57% on the month. Per tola: ≈﷼2,753; per gram: ≈﷼236; per 10g: ≈﷼2,360.
What was the 24K gold rate per tola in Saudi Arabia in August 2020?
The 24K gold rate per tola in Saudi Arabia at the August 2020 close was approximately ﷼2,753, derived from international XAU/USD spot of $1,957.40/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 August 2020?
Saudi Arabia's most-quoted retail standard is 21K per gram. At the August 2020 close, that worked out to approximately ﷼206 (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 August 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.
What was the highest gold price in 2020?
Gold reached an all-time high of approximately $2,075 per troy ounce on August 7, 2020, before correcting sharply later in the month.
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 August 2020 page with the country-by-country list at the bottom.
Other markets? Compare August 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.