Saudi Gold Prices Tick Higher After Spot Plunge to $4,514 Monthly Low

Gold prices in Saudi Arabia rose modestly early on May 5 to SAR 546.69 per gram, signaling potential stabilization after spot gold's sharp 2%+ plunge on May 4 to $4,513.70—a monthly low hit intraday near $4,560. The selloff was driven by a surging US dollar (DXY +0.6% weekly), 10-year Treasury yields near 4.4%, robust US factory orders (+1.5% MoM to $630.4B), and hawkish Fed bets (22% odds for Jan 2027 hike), prompting 10-tonne ETF outflows and RSI to 39. Despite Mideast tensions pushing Brent crude above $113/bbl, macro pressures dominated, with Asian local prices like India's INR 14,145/gram also reflecting the downside ahead of US jobs data.