Damascus, Aug. 19 (SANA) Gold prices remained stable in the Syrian market Wednesday, while global bullion prices rebounded as the US dollar and global bond yields eased.
According to a bulletin issued by the General Authority for Precious Metals Management, the price of 21-karat gold stood at SYP 16,100 ($131.97) per gram for sale and SYP 15,800 ($129.51) for purchase.
The price of 18-karat gold reached SYP 13,750 ($112.70) per gram for sale and SYP 13,450 ($110.25) for purchase.
The global gold price stood at $4,347 per ounce.
Meanwhile, Reuters reported that gold rebounded on Wednesday as the US dollar weakened and global bond yields eased from multi-decade highs, while markets awaited the release of minutes from the Federal Reserve’s latest policy meeting.
Spot gold gained 0.5% to $4,356.29 per ounce by 0908 GMT, while US gold futures fell 0.2% to $4,410.30.
Gold declined about 2% on Tuesday after long-term borrowing costs in the United States, Germany and Japan reached their highest levels in decades amid inflation concerns. The dollar weakened as the bond selloff eased Wednesday, improving demand for non-interest-bearing gold.
Markets are awaiting the minutes of the Federal Open Market Committee’s July meeting, scheduled for release at 1800 GMT.
Traders are pricing in a 67% probability of the Federal Reserve keeping interest rates unchanged, according to the CME FedWatch Tool. Expectations for a rate hike have declined following a series of weaker-than-expected US economic indicators.
Lower interest rates generally make gold more attractive because the metal does not pay interest.
On the geopolitical front, oil prices reached a three-week high Wednesday amid uncertainty over shipping through the Strait of Hormuz. US President Donald Trump said no talks were taking place with Iran and insisted the waterway was open, contradicting Iran’s assertion that it remained closed to shipping.
Among other precious metals, spot silver fell 0.3% to $63.10 per ounce, platinum rose 0.8% to $1,726.96 and palladium advanced 0.1% to $1,291.28.
N.J/M.F
