Saudi Arabia · SAR · December 2023
Gold Price in Saudi Arabia — December 2023
Saudi Arabia gold price archive for December 2023 — historical SAR reference rates per tola, gram and ounce.
December 2023 gold market: Brief record high caps a strong year
BullishA record intraday high capped a 13% year.
Gold spiked to a record intraday high around $2,150 in early December before settling back to close 2023 near $2,060 — up roughly 13% on the year. Mounting expectations of 2024 Fed rate cuts and record central-bank buying underpinned the strength.
What drove gold in December 2023
- 2024 rate-cut expectations building
- record central-bank gold demand
- softening dollar and yields
- momentum into year-end
Key events in December 2023
- Dec 4Gold prints a record intraday high near $2,150
What happened next
The record attempt set the stage for 2024's decisive breakout above the old ceiling.
For gold buyers in Saudi Arabia
2023 closed up about 13% with a record intraday high — the springboard for 2024's historic breakout.
Related months to read
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 (﷼)
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 December 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 December 2023
What was the gold price in Saudi Arabia in December 2023?
Historical SAR gold price archive for Saudi Arabia in December 2023.
What was the 24K gold rate per tola in Saudi Arabia in December 2023?
Tola-based gold rate for Saudi Arabia in December 2023 requires both XAU/USD and SAR/USD data which is unavailable for this period.
What was the 21K gold rate per gram in Saudi Arabia in December 2023?
Retail rate calculation requires international XAU/USD spot and SAR/USD FX, both of which are missing for this period.
How was the local currency price calculated?
SAR prices on this page are computed from the verified international XAU/USD spot price for December 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 December 2023 page with the country-by-country list at the bottom.
Other markets? Compare December 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.