Khaberni - Amid global price fluctuations and declining purchasing power, the gold markets in Riyadh continue to register varying levels of demand between traditional jewelry and investment bullion. Despite the decrease in purchase rates due to rising gold prices, gold bars still attract considerable interest from both consumers and investors alike, reflecting changes in buying behaviors and shifting focus towards more flexible investment tools.
Market data and estimates by dealers indicate that the Saudi capital holds the largest share of gold sales in the kingdom, with ongoing demand for light crafts and investment pieces during specific seasons and events.
Dealers in the gold markets of the Saudi capital Riyadh have noted a significant decrease in customer buying rates due to the rise in gold prices, which today have seen a notable stabilization with a variety of purities, accompanied by a steady price of 24-karat gold gram at SAR 482.69 ($128.72).
"Al Arabiya.net" observed during a field trip to the Taiba market - one of the most famous gold markets in Riyadh - a comparative increase in the demand for buying bullion over jewelry and ornaments, as specialized stores selling bullion proliferate, experiencing significant levels of interest, marking a noticeable change in buyer behavior.
For his part, Ali Al-Shaqha, an investor in the gold sector, estimates the annual sales volume of Riyadh, the Saudi capital, at about 8 to 10 billion riyals ($2,666,453.35), representing Riyadh as the largest percentage of total gold sales in the kingdom due to market size and the number of stores. He attributes the relative reluctance of some merchants to buy recently, as he describes, to the rapidly rising global prices, which lead some traders to delay purchases to avoid price fluctuations. He says: "The activity in the market remains in place, especially during seasonal periods and events."
