Damascus, Sept. 23 (SANA) The price of a gram of 21-karat gold in the Syrian market remained unchanged on Wednesday from the previous day, according to the General Authority for Precious Metals Management, while global gold prices declined.
The authority’s bulletin said 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.
The global price of an ounce of gold in the Syrian market stood at $4,323.
In international markets, spot gold fell 0.9% to $4,316.59 per ounce on Wednesday, while US gold futures for December delivery declined 0.5% to $4,353.30, Reuters reported.
The decline came as the US dollar strengthened to its highest level in two months, making gold more expensive for holders of other currencies. Comments from Federal Reserve officials also reinforced expectations that interest rates could remain higher.
Ole Hansen, head of commodity strategy at Saxo Bank, said gold was trading within a narrow range of $4,300 to $4,400 per ounce, with US interest-rate expectations, bond yields, the dollar and oil prices influencing short-term market movements.
Richmond Federal Reserve President Tom Barkin said higher interest rates and the possibility of further increases could help curb inflation expectations and slow price rises without weakening economic activity.
The Federal Reserve last week raised its benchmark interest rate by 25 basis points to a range of 3.75%-4% and signaled that another increase could come before the end of the year.
Higher interest rates can weigh on demand for gold by making interest-bearing assets more attractive compared with non-yielding bullion.
Among other precious metals, spot silver fell 2.7% to $65.28 per ounce, platinum declined 2.3% to $1,790.48 and palladium dropped 2% to $1,280.72.
R.H/M.F
