Syrian Gold Prices Unchanged as Global Markets See Decline

The Syrian market for gold remained steady on Tuesday, with prices holding at Monday's levels. According to the General Authority for Precious Metals Management, a gram of 21-karat gold was sold for 16,700 Syrian pounds ($136.89), while buying price stood at 16,400 pounds ($134.43). The authority also reported that a gram of 18-karat gold was priced at 14,300 Syrian pounds ($117.21) for selling and 14,000 pounds ($114.75) for buying.

Meanwhile, in global markets, gold prices fell as expectations rose that US interest rates would remain higher for longer. The Federal Reserve raised its benchmark interest-rate target by a quarter percentage point last week to a range of 3.75% to 4%, citing elevated inflation. St. Louis Fed President Alberto Musalem stated that the central bank would likely need to raise rates further to curb inflation driven by strong demand and commodity-price shock.

Higher interest rates typically reduce the appeal of non-yielding gold, making interest-bearing assets more attractive. As a result, spot gold fell 0.6% to $4,319.39 an ounce, while US gold futures dropped 0.6% to $4,356.30. Other precious metals also declined, with silver falling 1.1%, platinum declining 1.1%, and palladium losing 0.8%.