Saudi Arabia · SAR · October 2023
Gold Price in Saudi Arabia — October 2023
In October 2023, the gold price in Saudi Arabia closed at approximately ﷼7,488 per troy ounce, equivalent to ﷼2,808 per tola or ﷼241 per gram. This represents a +4.21% change on the month (﷼7,186 open → ﷼7,488 close).
Open
﷼7,186
per troy ounce
Close
﷼7,488
per troy ounce
High
﷼7,526
per troy ounce
Low
﷼6,821
per troy ounce
All unit prices at October 2023 close — Saudi Arabia
| Unit | Weight | Closing SAR price |
|---|---|---|
| Troy ounce | 31.1035 g | ﷼7,488 |
| Gram | 1.0000 g | ﷼241 |
| 10 grams | 10 g | ﷼2,408 |
| Kilogram | 1,000 g | ﷼240,757 |
| Tola | 11.664 g | ﷼2,808 |
Karat-purity breakdown at October 2023 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24K | ﷼241 | ﷼2,805 |
| 22K | ﷼221 | ﷼2,572 |
| 21KSAUDI ARABIA STD | ﷼211 | ﷼2,457 |
| 18K | ﷼181 | ﷼2,106 |
| 14K | ﷼141 | ﷼1,643 |
| 10K | ﷼100 | ﷼1,171 |
Daily gold price in SAR — October 2023
October 2023 gold market: Israel–Hamas war reignites safe-haven demand
BullishWar reignited safe-haven flows and reversed the autumn slide.
Gold rallied hard in October after the October 7 Hamas attack on Israel triggered war and fears of a wider Middle East conflict. The metal climbed from about $1,820 to near $2,000, erasing weeks of losses in a matter of days.
What drove gold in October 2023
- Israel–Hamas war (Oct 7)
- Middle East escalation fears
- safe-haven flows
- falling real yields late month
Key events in October 2023
- Oct 7Hamas attacks Israel; gold begins a sharp safe-haven rally
- Oct 27Gold approaches $2,000 as the conflict intensifies
What happened next
The rebound flowed into a strong year-end as Fed-cut bets revived.
For gold buyers in Saudi Arabia
October repeated a familiar pattern — geopolitical shock lifts gold fast, rewarding those already positioned before the headlines.
The 2023 gold market: Banking crisis and another record CB buy year
Silicon Valley Bank failed in March 2023, followed by Credit Suisse rescue. Gold rallied to $2,072 in May, then traded $1,820–$2,090 through year-end. Central banks bought another 1,037 tonnes — second-highest ever. Year close: $2,062.
Key drivers in 2023
Regional banking crisis, Credit Suisse failure, central-bank buying continues, persistent inflation
2023 XAU/USD high
$2,135 (Dec)
2023 XAU/USD low
$1,810 (Feb)
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 2023, Saudi Arabia
﷼7,186
$1,916.25/oz
﷼6,874
$1,833.05/oz
﷼6,834
$1,822.45/oz
﷼6,821
$1,818.95/oz
﷼6,823
$1,819.45/oz
﷼6,824
$1,819.60/oz
﷼6,988
$1,863.55/oz
﷼6,921
$1,845.50/oz
﷼6,964
$1,857.00/oz
﷼7,017
$1,871.25/oz
﷼7,028
$1,874.00/oz
﷼7,160
$1,909.20/oz
﷼7,246
$1,932.37/oz
﷼7,193
$1,918.05/oz
﷼7,231
$1,928.20/oz
﷼7,334
$1,955.70/oz
﷼7,326
$1,953.55/oz
﷼7,457
$1,988.50/oz
﷼7,436
$1,982.88/oz
﷼7,399
$1,973.00/oz
﷼7,364
$1,963.65/oz
﷼7,437
$1,983.30/oz
﷼7,406
$1,975.00/oz
﷼7,436
$1,982.90/oz
﷼7,526
$2,006.85/oz
﷼7,491
$1,997.60/oz
﷼7,488
$1,996.90/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 2023 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 2023 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 2023
What was the gold price in Saudi Arabia in October 2023?
In October 2023, gold in Saudi Arabia opened at ﷼7,186/oz and closed at ﷼7,488/oz — a move of +4.21% on the month. Per tola: ≈﷼2,808; per gram: ≈﷼241; per 10g: ≈﷼2,408.
What was the 24K gold rate per tola in Saudi Arabia in October 2023?
The 24K gold rate per tola in Saudi Arabia at the October 2023 close was approximately ﷼2,808, derived from international XAU/USD spot of $1,996.90/oz times the 2023-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 2023?
Saudi Arabia's most-quoted retail standard is 21K per gram. At the October 2023 close, that worked out to approximately ﷼211 (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 2023 (sourced from gold-api.com), multiplied by the 2023-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 2023-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 2023 archive or the USD-only October 2023 page with the country-by-country list at the bottom.
Other markets? Compare October 2023 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 2023-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.