Saudi Arabian gold markets experienced a sharp downturn on March 22, 2026, the third day of Eid al-Fitr, with significant declines across all karats. The price of 21-karat gold, the most widely traded, and other grades plummeted in local markets, coinciding with an unprecedented drop in global gold prices.
Details of the decline follow:
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24-Karat Gold
The price of 24-karat gold fell to 542.52 Saudi Riyals per gram (equivalent to $144.49 USD), a notable decrease from previous days.
21-Karat Gold (Most Traded)
The price of 21-karat gold decreased to 474.71 Saudi Riyals (equivalent to $126.43 USD), a decline that has prompted anticipation among investors and potential buyers. This movement reflects broader trends in the precious metals market.
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18-Karat Gold
18-karat gold registered a decrease to 406.89 Saudi Riyals per gram (equivalent to $108.36 USD).
Global Ounce Price
The global price of 22-karat gold continued its decline, reaching $4493, continuing a downward trend impacting global precious metals markets.
Local Stabilization or Genuine Collapse?
While a previous report indicated price “stability,” today’s figures confirm a genuine price decrease, particularly with the global ounce price falling to record lows. This has directly impacted prices in Saudi Arabian markets, as traders await further developments in the coming days. The significant drop in the global ounce price underscores the sensitivity of local markets to international economic factors.
