Gold prices rallied in Saudi Arabia during mid-trade today, Wednesday, January 11, 2023 despite a global calm in the precious metal.
The price of a gram of 24-karat gold also rose today in Saudi Arabia, reaching 226.73 riyals ($60.42), up from 225.60 riyals ($60.02).
The price of one gram of 18-karat gold rose today in Saudi Arabia to 170.50 riyals ($45.92).
The price of gold in Saudi Arabia today per gram of 21 carats was approximately 198.62 riyals, 52.84 dollars))
The price of the gold pound soared in Saudi Arabia today, registering 1587 riyals ($422.73).
24-karat gold is still tax-free in Saudi Arabia, but there is a tax on the cost of minting and making bullion to a value of 5%, meaning that the tax is not on the value of the bullion, but only on the costs of its manufacture.
The Saudi Arabian Mining Company (Maaden) has also decided to form a joint venture with the Public Investment Fund in the Kingdom to invest in mining assets internationally.