Saudi Arabia · SAR · October 2022
Gold Price in Saudi Arabia — October 2022
In October 2022, the gold price in Saudi Arabia closed at approximately ﷼6,146 per troy ounce, equivalent to ﷼2,305 per tola or ﷼198 per gram. This represents a -1.53% change on the month (﷼6,242 open → ﷼6,146 close).
Open
﷼6,242
per troy ounce
Close
﷼6,146
per troy ounce
High
﷼6,431
per troy ounce
Low
﷼6,119
per troy ounce
All unit prices at October 2022 close — Saudi Arabia
| Unit | Weight | Closing SAR price |
|---|---|---|
| Troy ounce | 31.1035 g | ﷼6,146 |
| Gram | 1.0000 g | ﷼198 |
| 10 grams | 10 g | ﷼1,976 |
| Kilogram | 1,000 g | ﷼197,606 |
| Tola | 11.664 g | ﷼2,305 |
Karat-purity breakdown at October 2022 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24K | ﷼197 | ﷼2,303 |
| 22K | ﷼181 | ﷼2,111 |
| 21KSAUDI ARABIA STD | ﷼173 | ﷼2,017 |
| 18K | ﷼148 | ﷼1,729 |
| 14K | ﷼116 | ﷼1,348 |
| 10K | ﷼82 | ﷼961 |
Daily gold price in SAR — October 2022
October 2022 gold market: Gold scrapes multi-year lows
BearishHeavy trade near multi-year lows on dollar and yield pressure.
Gold traded heavily around $1,640 in October 2022, near its lowest levels in over two years, as a still-strong dollar, a fourth jumbo Fed hike on the horizon, and surging global yields kept pressure on. Resilient physical demand quietly cushioned the lows.
What drove gold in October 2022
- dollar near 20-year highs
- expectations of a fourth +75bp hike
- surging global bond yields
- supportive physical and central-bank demand
Key events in October 2022
- Oct 21Gold hovers near $1,640 as yields and the dollar stay elevated
What happened next
November's softer inflation print finally sparked a sharp reversal off the lows.
For gold buyers in Saudi Arabia
October's grind near $1,640 was peak pessimism in dollars — the bottom from which gold would rebound strongly.
The 2022 gold market: Russia sanctions and a paradigm shift
Russia invaded Ukraine on February 24, 2022. G7/EU froze $300 billion of Russian central-bank reserves — the most consequential monetary event since 1971. Central-bank gold buying hit a record 1,082 tonnes (highest ever). Year close: $1,824 despite Fed's aggressive tightening.
Key drivers in 2022
Russia sanctions, central-bank reserve freezing, Fed hikes to 4.5%, gold's structural role redefined
2022 XAU/USD high
$2,070 (Mar)
2022 XAU/USD low
$1,621 (Sep)
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 — October 2022, Saudi Arabia
﷼6,242
$1,664.45/oz
﷼6,381
$1,701.53/oz
﷼6,257
$1,668.40/oz
﷼6,431
$1,714.90/oz
﷼6,377
$1,700.50/oz
﷼6,428
$1,714.20/oz
﷼6,361
$1,696.20/oz
﷼6,375
$1,699.92/oz
﷼6,287
$1,676.60/oz
﷼6,243
$1,664.70/oz
﷼6,265
$1,670.70/oz
﷼6,180
$1,648.10/oz
﷼6,185
$1,649.30/oz
﷼6,257
$1,668.53/oz
﷼6,243
$1,664.80/oz
﷼6,199
$1,653.00/oz
﷼6,119
$1,631.70/oz
﷼6,132
$1,635.30/oz
﷼6,162
$1,643.30/oz
﷼6,265
$1,670.79/oz
﷼6,185
$1,649.20/oz
﷼6,222
$1,659.30/oz
﷼6,251
$1,666.80/oz
﷼6,224
$1,659.80/oz
﷼6,180
$1,648.10/oz
﷼6,172
$1,645.74/oz
﷼6,146
$1,639.00/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 2022 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 October 2022 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 October 2022
What was the gold price in Saudi Arabia in October 2022?
In October 2022, gold in Saudi Arabia opened at ﷼6,242/oz and closed at ﷼6,146/oz — a move of -1.53% on the month. Per tola: ≈﷼2,305; per gram: ≈﷼198; per 10g: ≈﷼1,976.
What was the 24K gold rate per tola in Saudi Arabia in October 2022?
The 24K gold rate per tola in Saudi Arabia at the October 2022 close was approximately ﷼2,305, derived from international XAU/USD spot of $1,639.00/oz times the 2022-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 October 2022?
Saudi Arabia's most-quoted retail standard is 21K per gram. At the October 2022 close, that worked out to approximately ﷼173 (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 October 2022 (sourced from gold-api.com), multiplied by the 2022-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 2022-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.
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 2022 archive or the USD-only October 2022 page with the country-by-country list at the bottom.
Other markets? Compare October 2022 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 2022-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.