Syrian Gold Prices Hold Firm as Global Bullion Falls

The price of gold in Syria remained steady on Wednesday, while global bullion prices declined. The General Authority for Precious Metals Management reported that a gram of 21-karat gold was priced at 16,700 Syrian pounds ($133.60) for selling and 16,400 Syrian pounds ($131.20) for buying.

A gram of 18-karat gold was priced at 14,300 Syrian pounds ($114.40) for selling and 14,000 Syrian pounds ($112.00) for buying. In international markets, spot gold fell 0.9% to $4,316.59 per ounce on Wednesday.

Ole Hansen, head of commodity strategy at Saxo Bank, said that gold was trading within a narrow range of $4,300 to $4,400 per ounce, influenced by US interest-rate expectations, bond yields, the dollar, and oil prices. Higher interest rates can weigh on demand for gold by making interest-bearing assets more attractive compared with non-yielding bullion.