Today, Thursday 10/22/2026, gold prices in the Kingdom of Saudi Arabia witnessed a noticeable decline in parallel with the global ounce falling by 0.6% in spot transactions. This decline comes as market learners await the monetary policy meeting of the Federal Reserve (the US Central Bank) scheduled to be held next week, searching for indicators on the path of interest rates, in addition to anticipating the release of personal consumption expenditures data that strongly affects the movement of the yellow metal globally.
In the fall in local prices, and without taking into account workmanship, taxes and fees, the price of a gram of 24 karat gold was about 500.8 riyals, while the price of a gram of 22 karat gold was about 459.1 riyals. As for a gram of 21 karat gold, which is the most traded in Saudi markets, it recorded about 438.3 riyals, while the price of a gram of 18 karat gold allocated for gold jewelry reached about 375.6 riyals. It should be noted that these price levels are subject to change and update around the clock.
Globally, gold fell in spot transactions by 0.6% to reach $4,115.50 per ounce, after yesterday, Wednesday, recording its lowest level since October 15 at $4,104.33. In the same context, US gold futures for December delivery fell by 0.4% to record $4,132.30. It is worth noting that a poll of economists conducted by Reuters showed almost unanimous expectations that the US Central Bank will not raise interest rates this month, as policy makers remain patient with stubborn inflation.
According to the “Feed Watch” tool affiliated with CME Companies, the percentage of traders’ expectations that the US Central Bank will raise interest rates next week does not exceed 16%, while it rises to 90% to expect it to be raised next December. Note that high interest rates usually put negative pressure on gold because they increase the opportunity cost of owning non-yielding bullion.
Regarding the future expectations of gold prices in Saudi Arabia, the readings indicate that the movement continues to be linked to global markets and that prices remain within a horizontal range in the short term until the opening of the American Stock Exchange. Today’s session is heading towards more downward pressures ahead of the Federal Reserve meeting on October 27 and 28, and the release of personal consumption expenditures data expected to bring the inflation rate to the 2% target. The global price is currently moving between a support level at $4,100 and a resistance near $4,200, where losses may expand if the support level is broken, while recovery opportunities remain if the dollar’s strength and returns decline.
