Gold prices may be at all-time highs, but Saudi consumers are still buying — and in greater quantities than ever. In Q1 2025, demand for gold jewelry in the Kingdom surged 35% year-on-year to 11.5 tonnes, even as global demand fell 21%, according to the World Gold Council.
This growth defies global trends, with gold topping $3,500 per ounce in April. Experts attribute the rally to geopolitical tensions, inflation fears, and massive central bank buying — led by countries like China and Russia diversifying away from the US dollar.
Despite a 34% rise in prices this year, Saudis are proving resilient. “This shows the Kingdom’s strong purchasing power and cultural connection to gold,” said Vijay Valecha of Century Financial.
Gold remains deeply rooted in Saudi traditions, especially for weddings and gifting. Regional preferences vary — from investment-focused buying in the north to adornment in the south — while younger generations are embracing 18-carat gold for its style and affordability.
Digital platforms are also transforming gold buying habits, with apps, ETFs, and online jewelers gaining traction. While UAE and Kuwait see drops in demand, Saudi Arabia is bucking the trend — driven by record consumer spending and cultural loyalty to gold.