Syrian Gold Steady at 16,700 Pounds as Global Bullion Slips
Syrian gold prices held steady at 16,700 Syrian pounds per gram while international spot gold dropped 0.6% to $4,319.39.
Key points
- Syrian 21-karat gold selling prices held at 16,700 Syrian pounds per gram on Tuesday.
- Global spot gold declined 0.6% to $4,319.39 an ounce due to higher U.S. interest rates.
- The Federal Reserve raised rates to a 3.75% to 4% range, impacting precious metal demand.
The selling price of 21-karat gold remained at 16,700 Syrian pounds per gram in Damascus. This local stability occurred while global spot gold fell 0.6% to $4,319.39 an ounce. The divergence highlights distinct pricing mechanisms in the Syrian market versus international exchanges.
Local prices defy global decline
The General Authority for Precious Metals Management confirmed these levels on Tuesday. Buying prices for 21-karat gold stood at 16,400 Syrian pounds. For 18-karat gold, the selling price was set at 14,300 Syrian pounds per gram.
Interest rates drive global sell-off
Higher U.S. interest rates reduced the appeal of non-yielding gold assets. The Federal Reserve raised its benchmark target to a 3.75% to 4% range. St. Louis Fed President Alberto Musalem indicated further hikes are likely to curb inflation.
Investors await Fed comments for clarity on the future monetary policy path. Limited economic data this week shifts focus to official guidance. Other metals also fell, with spot silver dropping 1.1% to $65.28 an ounce.
Market data from Sana source
The international reference price for gold was recorded at $4,318 per ounce. U.S. gold futures dropped 0.6% to $4,356.30 in early trading. These figures are reported by the Sana news agency from official market bulletins.
