In the world of gold and jewelry, knowing how to calculate the price of an ingot is a fundamental step for anyone who wants to buy or sell gold with confidence and accuracy. Knowing the price of ingots in Saudi Arabia helps you achieve the best value for what you own or wish to acquire. But have you ever wondered how to calculate the price of an ingot in an accurate and reliable way? This is where the top spot of Shifa Gold and Jewelry comes in , offering you deep expertise and advanced tools to ensure the transparency of transactions and ease of calculating the true price of an ingot step by step.
What is a gold alloy?
It is a piece of pure or semi-pure gold that is cast or shaped into a solid mold of specific weight and dimensions, and is used mainly as a means of investment or to preserve value, in addition to its use in the manufacture of jewelry and other precious metals.
Gold bullion is characterized by coming in different weights to suit the needs of investors, whether it is small in size such as 1 gram or large up to 1 kilogram or more. It also differs in its purity or carats, which determine the percentage of pure gold in it, and it is usually of a high carat such as 22 or 24 carats to ensure the quality and value of the metal.
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How to calculate the price of a gold ingot?
Price of the ingot = Weight of the ingot (grams) × Gold purity (as a decimal part) × Price per gram of gold + Fees or commission (if applicable)
example:
If the ingot weighed 100 grams and was 21 carats (i.e., 21/24 ≈ 0.875), and the price of a gram of gold today was 358 Saudi Riyals and the commission was 50 Saudi Riyals, then the price would be:
100 × 0.875 × 358 + 50 = 31,375 Saudi Riyals
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What factors influence the price of a gold ingot?
The price of gold bullion in Saudi Arabia fluctuates constantly, but have you ever wondered what factors actually control these changes? From global market volatility to the purity and weight of the bullion, there are a number of subtle factors that determine its value, including:
- Weight of the ingot: The weight of the ingot is measured in grams or ounces, and this is the primary factor in determining the price because the price of gold is usually calculated per gram.
- Gold purity (carat): The carat of gold determines the percentage of pure gold in the alloy. For example, 24 carats means 99.9% pure gold, while 21 or 22 carats mean a slightly lower percentage of pure gold. The higher the carat, the higher the price of the alloy.
- The price of a gram of gold in the market: The daily price of a gram of gold is based on global and local markets, and the price is often updated daily or even instantaneously.
- Crafting fees or commission: Sometimes, crafting fees or a jeweler's commission are added to the price of the ingot, and these vary from place to place depending on the policies followed.
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What is the price of a 100-gram gold ingot in Saudi Arabia today?
The price of a 100-gram gold ingot in Saudi Arabia today ranges between 39,540 Saudi Riyals and 42,474 Saudi Riyals, according to multiple sources:
- The gold price platform in Saudi Arabia records the price of a 100-gram gold ingot of 24 karat at 40,972.25 Saudi Riyals.
- The Saudi Alloys platform offers a 100-gram gold ingot at a price of 42,082.68 Saudi Riyals.
Prices vary between these platforms due to differences in shipping costs, warranties offered, manufacturing costs, and additional fees, so it is advisable to check the exact details of each platform before making a purchase decision.
What discount is applied when selling gold bullion?
When selling gold bars, the discount is much lower than when selling gold jewelry, because the bar is 24-karat raw gold with almost no manufacturing cost. However, there are some factors that affect the price you receive, including:
1. The price difference between buying and selling (Spread)
- In large ingots (such as 1 kg or 100 grams) the difference is usually small, it may only be 1 to 2% of the global price.
- In smaller ingots (such as 5 grams or 10 grams), the difference may be slightly larger due to manufacturing and shipping costs.
2. Cost of remelting or inspection (if applicable)
- If the alloy is open from the packaging or without a warranty certificate, the seller may deduct the cost of checking the grade or melting to verify the purity, and this may range from 0.5% to 1% .
3. Market price at the time of sale
- If the ingot was purchased at a higher price, the selling price is calculated based on the price of gold at the moment of sale , and may be lower or higher depending on market movement.
4. Fees or commission (in some shops only)
- Most large gold shops do not charge fixed fees, but rely solely on price differences.
Where can I buy a gold ingot in Saudi Arabia?
If you are wondering where to buy a gold ingot in Saudi Arabia? The answer simply starts here. We at Qimmat Zawya Shifa provide you with the experience of buying high-purity gold ingots (24 karat) in different weights, starting from 1 gram up to 1 kilogram, to suit all the needs of investors and gold collectors.
We are committed to providing certified and approved alloys from global refineries, with official invoices and clear guarantees, to ensure the protection of your investment and its value in the long term.
You can visit one of our branches within the Kingdom, or contact us directly through our official channels to order the ingot that suits you, and we will deliver it to your doorstep with complete privacy and security.
Ultimately, knowing how to calculate the price of an ingot is your golden key to making smart and thoughtful decisions in the world of gold investment. With the top of Zawya Shifa for Gold and Jewelry, leave nothing to chance. Whether you are an investor looking for value, or a hobbyist who wants to acquire gold consciously, we are here to guide you with clear and simple steps to calculate the true price of any ingot.
Feel free to contact us with any questions or to help you choose the most suitable alloy for you.
Frequently Asked Questions
What is the price of gold used in the calculation?
The global prices used are for 24-karat gold (pure gold), which change daily according to the global stock exchange and the dollar exchange rate against the local currency.
Are there any additional charges on top of the price of the ingot?
Yes, the final price may include:
- A small profit margin for the merchant.
- Packaging costs or warranty certificates.
- Stamp or notarization fees (depending on the country).
However, as with manufactured gold, a "manufacturing" fee is usually not added, making the ingot a more suitable investment option.
Does the cost of the alloy vary according to its weight?
Yes, the heavier the alloy, the lower the margin or cost per gram, and larger alloys are often more economical than smaller alloys in terms of total cost per gram.