Gold Price Saudi Arabia
Saudi Arabia is officially known as the Kingdom of Saudi Arabia. The nation constitutes the majority of the Arabian Peninsula. Saudi Arabia has a land area of approximately 830,000 square miles, making it one of the largest countries in Asia. The capital of the nation is the city of Riyadh, and its official language is Arabic. The Saudi Government is a unitary Islamic absolute monarchy, and the kingdom was founded in 1932. The country has a population of approximately 33,000,000 and it is the globe’s largest oil producer and exporter.
The official currency of Saudi Arabia is the Saudi Riyal. Like many other global currencies, the riyal can be subdivided into 100 smaller units of currency called halalas. The riyal has been the Saudi currency since the country came into existence. In the mid 1980s, the riyal was pegged to the IMF’s Special Drawing Rights, or SDR. In practice, however, the riyal was pegged to the dollar at a rate of 1 riyal=.266667 dollar. This rate was actually made an official rate in 2003.
In 2007, the riyal briefly climbed to a 20 year high against the dollar after the U.S. Fed cut interest rates. The Saudi central bank did not follow suit, however due to concerns of a weaker currency and inflation. A few months later, however, the riyal returned to its peg against the dollar.
The Saudi Riyal is issued and managed by the nation’s central bank, the Saudi Arabian Monetary Authority. The central bank was established in 1952, and was formerly known as the Saudi Arabian Monetary Agency. The central bank is headquartered in the capital city of Riyadh, and is tasked with several key functions outside of currency maintenance. The central bank oversees commercial banks, manages the country’s foreign exchange reserves and promotes price stability among other responsibilities.
If you are looking to buy gold in Saudi Arabia, you will see live gold prices quoted in the local currency. Quotes may also be available in other global currencies such as U.S. Dollars, Great British Pounds, euros or Japanese Yen. Gold is typically quoted by the ounce, gram or kilo, but other local units of measure may also be used.
The Saudi economy is heavily dependent on oil, and the nation has the largest economy in the Arab world. The country has the world’s second largest proven petroleum reserves and it is the globe’s largest exporter of petroleum. The nation also has considerable reserves of natural gas, and the estimated value of its natural resources is one of the highest in the world.
The nation is involved in numerous areas of industry outside of oil including cement, plastics, ship repair, metals, construction, ammonia and more. The country has small deposits of gold, silver, iron, copper, zinc and more. The nation also has a rapidly growing real estate sector.
Those looking to buy gold in Saudi Arabia can purchase it in several forms including bullion bars, bullion coins, collectible coins and even jewelry. Bullion bars tend to offer the most cost effective solution for those looking to acquire as many ounces as possible as they tend to carry the lowest overall per-ounce premiums.