RIYADH: Saudi Arabia discovered 8 million ounces of gold during 2025, according to Saudi Gold Refinery Co.’s Board of Directors Chairman.

Suliman Al-Othaim told Al-Eqtisadiah on the sidelines of the fifth edition of the Future Minerals Forum held in Riyadh, that the company’s share of these discoveries reached 1.5 million ounces. 

He explained that the company is continuing to update its refineries to process 36 tonnes of gold and issue hallmarks bearing the name of the Saudi Gold Refinery Co. for locally produced gold.

The company owns all production lines and mining services, including aerial and ground imaging, trenching, and well drilling. It aims to achieve 50 percent of local production by 2030, leveraging government support and provided services, according to Al-Othaim.

The year 2025 witnessed an unprecedented historic boom in gold prices, with the metal recording annual gains exceeding 64 percent. 

This surge was driven by acute geopolitical tensions and a significant increase in demand from central banks and investment funds.

According to recorded data, the average price of a gold ounce in 2025 ranged between $3,400 and $3,500. 

This figure reflects the upward journey that started from levels of $2,710 at the beginning of the year, reaching its historic peak in December when gold hit its all-time highest levels near $4,500 per ounce.

Al-Othaim pointed out that the company benefits from foreign expertise and is working on developing its mines and refineries to be among the leading companies in the mining sector globally. 

He added that it will begin implementing a new strategy aimed at increasing production by expanding the scope of its work in the mining field and will seek new opportunities for investment in this sector.