Damascus, Oct. 21 (SANA) Gold prices in Syria remained unchanged on Wednesday from Tuesday’s levels, according to the daily bulletin issued by the General Authority for Precious Metals Management.
Syrian prices unchanged
The price of 21-karat gold stood at 16,400 Syrian pounds ($134.43) per gram for selling and 16,100 pounds ($131.97) for buying.
Eighteen-karat gold was priced at 14,000 pounds ($114.75) per gram for selling and 13,700 pounds ($112.30) for buying, based on the Central Bank of Syria’s official exchange rate of 122 pounds per dollar.
Oil prices and rate outlook weigh on gold
International gold prices fell for a fourth consecutive session on Wednesday as rising oil prices heightened inflation concerns and investors awaited signals on the future path of US interest rates, according to Reuters.
Spot gold slipped 0.1% to $4,119.37 an ounce by 0516 GMT, while US gold futures for December delivery fell 0.1% to $4,137 an ounce.
Rising crude prices can fuel inflation and strengthen expectations of higher interest rates, which tend to weigh on gold because it does not pay interest. Oil prices have also risen amid concerns over Middle East supplies and shipping risks in the Red Sea.
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