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President Obama was awarded Saudi Arabia’s highest honor yesterday — an elaborate gold necklace and medallion fit for a king or a rap mogul.

“Goodness gracious, that’s something there,” an awestruck Obama said when a royal aide approached him with the massive chain.

A beaming King Abdullah — who hosted Obama in an ornate meeting room decked out with opulent chandeliers, marble columns and engraved mirrors — presented the gift to the president.

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“Those are only given to the very few friends of the king, and you are certainly one of those,” Abdullah said.

Obama ducked slightly to allow the shorter man to drape the chain — officially called the King Abdul Aziz Order of Merit — around his neck.

“I consider the king’s friendship a great blessing, and I am very appreciative that he would bestow this honor on me during this visit,” said Obama, who was on his first state visit to Saudi Arabia.

Under federal rules, Obama must report the gift and is required to eventually turn it over to the National Archives or another federal institution.

He smiled and posed for pics in his new bling, but took it off after a few minutes for “safekeeping.”

jennifer.fermino@nypost.com