Commodities
Syrian Gold Prices Fall Amid Rising Rate Hike Expectations
Gold prices in Syria declined on Monday due to rising expectations of a U.S. interest rate hike.
The selling price of 21-karat gold fell by 50 Syrian pounds per gram from Sunday, reaching 16,150 Syrian pounds ($132.38) per gram, while the buying price stood at 15,850 pounds ($129.92).
The General Authority for Precious Metals Management attributed the decline to hawkish comments by Federal Reserve Chair Kevin Warsh, which increased the probability of a September U.S. rate hike to about 62%.
In international markets, spot gold slipped 0.1% to $4,448.19 an ounce, while U.S. gold futures for December delivery fell 0.7% to $4,498.90 an ounce.