Syrian Gold Prices Stable as Global Markets Dip Amid Interest Rate Hopes
Syrian gold prices remained steady on Tuesday after a slight dip in global markets. According to the General Authority for Precious Metals Management, the selling price of 21-karat gold in Syria was set at 16,100 Syrian pounds ($131.97) per gram, while the buying price was 15,800 pounds ($129.51). The authority also reported a stable price for 18-karat gold at 13,800 pounds ($113.11) for selling and 13,500 pounds ($110.66) for buying.
The global reference price for gold is set at $4,395 an ounce by the Authority. However, in international trading, spot gold slipped 0.1% to $4,399.99 an ounce due to rising oil prices fueling inflation concerns and strengthening expectations of a US Federal Reserve interest rate hike.
The Fed's next policy meeting is expected to raise interest rates, with traders pricing in about a 60% chance of this happening. This increase in interest rates could impact the price of gold, which has been under pressure due to the stronger dollar making dollar-denominated bullion less expensive for overseas buyers.