[XAU/SAR] Gold prices in Saudi Arabia fall as investors await Fed rate decision, September 20, 2023

Riyadh, Saudi Arabia – September 20, 2023 – Gold prices in Saudi Arabia fell on Wednesday as investors awaited a decision from the U.S. Federal Reserve on interest rates.

Gold

The price of gold per ounce fell to 7,239 Saudi riyals ($1,931) on Wednesday, down from 7,277 riyals ($1,944) on Tuesday. The price of gold per gram fell to 232.78 riyals ($62.07), down from 234.29 riyals ($62.56).

The decline in gold prices comes as investors await a decision from the Fed on whether to raise interest rates by 75 basis points or 50 basis points. A 75-basis-point increase would be the largest since 1994.

A rise in interest rates could make gold less attractive as an investment, as it would increase the opportunity cost of holding gold.