Saudi Gold Steadies Near Recent Lows

On Monday, 24-karat gold in Saudi Arabia was priced at 502.29 riyals a gram, while 22-karat stood at 460.43 riyals and 21-karat at 439.50 riyals. Eighteen-karat gold was quoted at 376.72 riyals.

The pressure on bullion follows U.S. consumer prices rising 3.7% in September from a year earlier, with core inflation up 2.6%, while producer prices also jumped. Those readings have revived speculation that policymakers could keep financial conditions tight, even after the Fed lifted rates in September to a 3.75%-4% range.

The 10-year U.S. Treasury yield was last around 5.15%, underscoring the challenge for gold, which has also fallen globally over the past week. In technical terms, the GLD gold ETF is trading below its 50-day moving average and 200-day moving average, with its RSI near 39, showing a market that remains under pressure but not yet in oversold territory.

Adalytica’s Fed rate-decision expectations gauge shows extreme greed at 93, while its Fed forward guidance gauge points to growing confidence that the central bank will stay restrictive. That leaves bullion vulnerable if the Fed sounds hawkish, even as any easing in yields or softer dollar moves could offer a short-term lift.

For now, Saudi gold prices are likely to remain tightly linked to the Fed’s wording, upcoming U.S. inflation prints and the direction of the dollar. A clearer break in either yields or rate expectations will probably be needed before bullion can recover meaningfully.