Syrian Gold Prices Fall as Global Bullion Retreats Amid Rate Hike Fears
Gold prices in Syria have fallen as global bullion retreats amid concerns of a Federal Reserve interest rate hike. The General Authority for Precious Metals Management reported that 21-karat gold is now selling at SYP 16,000 ($131.15) per gram and buying at SYP 15,700 ($128.69) per gram.
The global reference price of an ounce of gold has been set at $4,311, but spot gold has fallen 0.9% to $4,308.24 an ounce in international markets. US gold futures have dropped 1.4% to $4,348.50, according to Reuters.
The stronger dollar has also made dollar-priced bullion more expensive for holders of other currencies. With an 89% chance of a Fed rate hike this week, investors are pricing in the possibility of higher interest rates, which tend to reduce the appeal of non-yielding bullion like gold.