Damascus, Nov. 3 (SANA) Syrian gold prices fell by 250 Syrian pounds per gram on Tuesday, according to the General Authority for Precious Metals Management, as international gold prices dropped around 1% amid rising oil prices and expectations of higher US interest rates.
The authority set the selling price of 21-karat gold at 16,000 Syrian pounds ($131.15) per gram and the buying price at 15,700 pounds ($128.69). The selling and buying prices of 18-karat gold stood at 13,700 pounds ($112.30) and 13,400 pounds ($109.84), respectively, based on an exchange rate of 122 Syrian pounds to the US dollar.
Global market pressures
Spot gold fell around 1% to $3,908.49 per ounce by 0830 GMT, while US gold futures for December delivery declined 1.3% to $3,917.90.
The decline followed a rise of more than $1 in oil prices per barrel after reports of a US strike on Iran’s Qeshm Island raised concerns about regional escalation and potential disruptions to energy supplies.
Higher oil prices have reinforced inflation concerns and expectations that the US Federal Reserve could maintain higher interest rates, increasing the opportunity cost of holding non-yielding gold.
Traders were pricing in a 75% probability of a US rate hike in December, according to CME FedWatch data cited by Reuters.
Investment demand
The World Gold Council lowered its forecast for growth in gold investment demand this year to 200 metric tons from 400 tons, citing weaker demand for bars and coins. It raised its estimate for central bank gold purchases, reflecting stronger buying during the year.
Elsewhere in the precious metals market, spot silver fell 3.2% to $49 an ounce, platinum declined 1.6% to $1,425.50, and palladium dropped 3.2% to $938.50, Reuters reported.
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