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Gold prices in Saudi Arabia stay elevated before Fed chief speech
Gold prices in Saudi Arabia remain stable at high levels, with 24-karat gold around 556 SAR. Markets are awaiting the direction of the global ounce price, which has steadied near $4,600 ahead of the Federal Reserve Chair's speech at the Jackson Hole meeting—an address expected to address inflation and interest rates. Gold prices retreated from their early-week peak of $4,700 and are now supported at $4,600, amid ongoing concerns about U.S. debt and demand for the metal as a hedging instrument.
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