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Buy Gold Coins In Saudi Arabia

Gold bullion in Saudi Arabia is primarily Swiss with the Lady Fortuna (PAMP/HTBM Suisse) design on it, as packaged/assayed small bars from 1 to 100 grams. Investment grade gold bars like the 116.6 gram (ten tola/TT) bars from Credit Suisse and 1 kilogram bar will also be found. Its possible that you could find Swiss silver bars in Saudi, but I’d assume the premiums would be quite expensive. Silver bullion bars in Saudi Arabia will likely be primarily minted by Dubai-based Emirates Gold. Someone had mentioned to me that they found Emirates Gold 1 kilogram silver bars in Saudi Arabia, but I wouldn’t recommend it be purchased if its premium is over 200-300 riyals over the spot price {city} {stateshort} {county} {zip}. The Saudi Arabian Silver Riyal coin is widely available and is currently selling for 60-65 riyals (as of Jan 2012, which is a ~70% premium over it silver content). Another silver coin that is widely available in the Maria Theresa Thaler (MTT) central european 28 gram 22 karat silver bullion coin that is currently selling for 140 riyals (as of Jan 2012, which is a ~50% premium).

In Madinah, there are a number of gold shops North of the Prophet’s Mosque (Al Masjid Al Nabawi) at the bottom of hotels like Oberoi, Taiba, Dar ul Iman, and Al Majeedi. Some of the gold and silver shops that have bullion bars are located in the Taiba Commercial Center/Market [map] including Ba Bakar Ornaments & Jewellery – 04-8200256 [Shop 369] (has 10 tola), Mansoor Gold and Jewellery – 04-8201920 (has 1/2 oz, 1 oz, 50 gram and 100 gram), and Al Silani Silver & Beads, Gemstone – 04-8200448 [Shop 311]. Prices will be expensive here with 100 gram bars going for an additional SAR 25 premium over spot per gram, while 50 gram bars would have a SAR 40 premium.

Both Iran and Saudi Arabia are to be watched closely as it concerns official gold reserves in 2016. Pressure has been mounting recently on Saudi Arabia to de-link the riyal from the US dollar and, if it happens, I am sure it will be positive for gold.

Saudi King Faysal Commemorative Medallion – This gold coin was issued to commemorate the reign of King Faisal bin Abdul Aziz Al Saud from 1964 – 1975 and had the same size and weight of the British Sovereign.

Where Can I Buy Gold In Saudi Arabia

Because of the conflict with the U.S. the Iranian economy has been hurt and, with inflation on average about 20%, private Iranians have also accumulated gold. Shahrvand Daily reports that according to Gold and Jewelry Producers and Exporters of Iran, more than 100 tonnes of the country’s gold are stashed in people’s homes. Both Turkey and the United Arab Emirates have been involved in helping Iran circumvent the U.S. and international sanctions using gold. Following the Iranian Revolution of 1979, the United States imposed sanctions against Iran and expanded them in 1995 to include firms dealing with the Iranian government. In 2006, the UN Security Council passed Resolution 1696 and imposed sanctions, after Iran refused to suspend its uranium enrichment program. With the end of sanctions under the agreement reached at the end of 2015, a return to some form of stability in the region was expected. However, the conflicts in Syria and Yemen where Iran and Saudi Arabia are on opposing sides have increased tensions in the region.

investing in gold in saudi arabia

I would assume that the daily gold (Au / XAU) and silver (Ag / XAG) prices would be published in the forex sub-section of the business section of the daily English and Arabic newspapers in Saudi Arabia, as they are done in the Emirates and Qatar. You can find the current gold price in Saudi Riyals (SAR) at GoldPriceWeb.com, GoldPriceRate.com and GoldPriceNetwork.com, while the current silver price in Saudi Rials can be found at GoldPriceData.com.

Malabar Gold/Saudi Exhibition Jewellery – 02-6274938 (Sharbathili Building, Gold Souq, Al Balad) Damas – Jeddah: Alba sateen Center, Arab Mall, Aziz Mall, Jeddah Mall, Al Andalus Mall, 02-6421579 (International Gold Center), Jamjoom Centre, Red Sea Mall, Souq Surrieen, 02-6695952 (Jeddah International) / Makkah: 02-5719104 (Abraj Al Bait), Souq Hijaz, Souq Al Deyafah, Suweqa 60th Street/ Madinah: Rashed Mega Mall

Investing In Gold In Saudi Arabia

Saudi Arabia buys $3.5bn of gold in two weeks – 13 Nov 2008 – Arabian Money There has been an unprecedented surge in Saudi gold purchases in the past two weeks with over $3.5 billion being spent on the yellow metal, reported Gulf News citing local industry sources.

The recent conflicts in the Middle East put a lot of strain in the U.S.-Saudi Arabia relation. Recent technological discoveries have diminished U.S. dependence on Middle East oil. The September 11 terrorist attack in the U.S. strained slowly but surely relations between the two countries. Saudi Arabia is very unhappy with recent U.S. foreign policy in the region and has started to look for other allies. Recent and frequent trips by Saudi ministers to Russia and China indicate a desire by Saudi Arabia to find new alliances. A split between the U.S. and Saudi Arabia will have big consequences on the demand for US dollars and gold.

While Islam strictly forbids men from wearing gold jewelry, being seen as immodest, women commonly adorn the yellow metal in many forms. Like most other places around the world, gold jewelry such as rings, bangles, and brooches are quite common. Saudi Arabia, like other countries in the Middle East, has seen the integration of gold coins into women’s clothing items such as hijabs and sashes.

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On the other hand, we have no information on the Saudi gold reserves. However, with tensions between the U.S. and Saudi Arabia escalating, I would not be surprised to hear that Saudi Arabia has been buying gold in preparation for a divorce with the U.S. Both Iran and Saudi Arabia do not disclose their gold reserves on a regular basis. Saudi Arabia last reported to the IMF that its gold reserves more than doubled in 2007 from 143 tonnes to 322.9 tonnes. Saudi Arabia could soon announce that its gold reserves have again at least doubled. That will mean Saudi Arabia would have around 600 tonnes of gold in official reserves.

Saudi Arabia has a jewelry industry that is on par with many of the other countries in the region. However, because of relatively weak private property rights (which are not well enforced), as well as credit restrictions due to Sharia law (namely, that interest-bearing financial assets are illegal), foreign investment is quite rare within the Saudi Kingdom. Also, because all mineral rights are considered property of the central government (or the royal family, by extension), private investment in gold mining and refining within the country is ostensibly non-existent.

Investing In Gold In Saudi Arabia

Although Saudis observe strict religious proscriptions against men openly wearing gold jewelry, women commonly wear it in a variety of forms. A man will customarily give his wife gold jewelry when they marry and when she gives birth to a child. Young girls may receive traditional gold bracelets as a gift, while married women wear gold on the outside of their hijab headdress in a number of forms–tiny bells, coins, or chains. Like in Turkey, it is not uncommon for coins or other gold items to be worn on clothing with a hook or clasp. These forms of gold will typically exhibit classical Islamic designs such as calligraphy; elaborate patterns and geometric shapes; and traditional imagery of leaves, crescents, or flowers. Saudi Arabia also has a rich numismatic history of gold coinage. The Saudi Arabian gold guinea was the standard gold coin struck during the 1950’s. The weight and purity specifications of the Saudi Arabian guinea corresponded with those of the British sovereign, making it a viable international trade unit.

Jeddah has a street called Al Dhahab Street, which means Gold Street, in its downtown district of Al Balad, so there should be gold shops on this street or somewhere else within the district. In the Al Sharafiyah district, on the west side of King Fahd Road, there is the Yamama gold market. Other possible locations – Hera’ Mall, Souk Bawadi, Hijaz Mall, and Mujamma’ al-Sharq (Makaroonah Street)

Other Riyadh gold souks include the Deira gold souk (also called Souq al-Thumairi) located near the junction of King Faisal and Tariq bin Zayid streets in Al Dirah district [map], Tayeba souk (also called Kuwaiti market) located along Olaya Street in the King Fahd district [map], and possibly the Souq Hijab in Al Naseem West [approx. map].

Investing In Gold In Saudi Arabia

In 2007, 10% of Iran’s reserves were held in gold, 20% in US dollars (down from 40% in 2006), the rest mostly in Euro and other major currencies (yen, British pound and Swiss franc). In 2009, Iran’s President Mahmoud Ahmadinejad ordered the replacement of the US dollar by the euro in the country’s foreign exchange accounts because “it would help decouple Iran from the U.S. banking system.”

As a percentage of foreign exchange reserves Saudi Arabia lags far behind Iran. This is due to the agreement between the U.S. and Saudi Arabia to hold US dollars (treasuries) and charge for oil in US dollars in exchange for U.S. military defence. However, Saudi Arabia could have a lot more gold than it reports. As I mentioned above, I would not be surprised by an announcement this year that Saudi Arabia has at least double the present 322.9 tonnes.

Investing In Gold In Saudi Arabia

Riyadh has a number of gold souks, with the most popular one being located near the But-haa shopping area in Al Markab district. The Batha gold market jewellery shops are located along Al-Rass Street in Souk Al-Qasman [map] near the Nesto Hypermarket. If it is difficult to find parking (this normally happens on the weekends), the 4th to 6th floor of the Nesto Hypermark building is for parking (flat rate of SR 3 or free if you show them a Nesto receipt). Otairi Trading [01-4864411] is a shop in this area that is a wholesale gold dealer that has the lowest premiums (approx. 1 riyal over spot). Another shop to check out is Al Seary Gold and Jewellery [01-2873013], who have PAMP gold bars and pendants, Malabar gold coins, turkish Nadir Metal Rafineri 1/2 kilo silver bar, silver riyal coin, and MMT silver coin. ‘Saudi Gold’ [01-2868660] is an exclusive bullion dealership with 10gm, 1oz, 50gm, and 100 grams gold bars, TT bars, 1 kilogram gold bars, and 1 kilo Emirates Gold silver bars (shop has LCD in Arabic showing the live rates).

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Shopping malls in Riyadh will also have jewellery shops that will likely have gold shops that will carry small sized PAMP gold bars. In Shola Shopping Center on King Abdul Aziz Road in Al Dhubbat district, you can visit Asanofah for Gold and Jewellery for 1, 2, 5, 10, 50, and 100g gold bars (premium approx. 2 riyals per gram over spot) or Al Yoser for Gold and Jewellery for 1, 50, and 100 gram gold bars, as well as 8g 22k Saudi Arabian Guinea and ‘George V’ British Sovereign gold coins.

Investing In Gold In Saudi Arabia

If you wish to do the calculations on your own, then take the spot silver or gold price found on sites like kitco.com and multiply it by 3.75 and then divide that by 31.1 to get the price per gram, or in short – multiple the spot price by 0.120579. The actual gold price per gram will likely be 3 to 10 riyals over the spot price including its making charge.

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