the most important reasons Gold prices in Syria continue to rise again, after the noticeable decline it witnessed last April, as it recorded a new high today, Monday.
The selling price of one official 21-carat gram of gold issued by the Artisanal Association for Crafting and Jewelry Making in Damascus was 156,000 Syrian Pounds, and the purchase price was 155,500 Syrian Pounds.
Gold prices recorded their lowest level during the past two months on April 20, when the selling price of a 21-carat gram of gold reached 141,000 Syrian pounds, and the purchase price of 140,500 Syrian pounds, according to the association’s bulletin.
Gold prices in Syria are affected by fluctuations in the exchange rate of the US dollar against the Syrian pound, but gold prices continue to rise despite the relative stability of the Syrian pound since the last two weeks, up to 3100 for sale and 3000 for purchase.
Economic researchers attribute the main reason for the rise in gold prices to the increase in demand for it and the lack of supply for it.
Media sites talk about citizens resorting to adopting gold as an exchange medium that does not lose its value mainly, unlike the Syrian pound, which continues to decline, in addition to the continuous restrictions on foreign exchange trading.
During the recent period, reliance is being made on the purchase of “broken gold”, that is, gold used as a means of storing gold more, while the supply of gold in the Syrian market is small, as there are no merchants who import gold as before, which led to a decrease in the quantities of gold in the Syrian market and an increase in Its price.
Gold prices are also affected by external factors, such as the rise in the global price of gold.
The price of an ounce of gold on the global market reached $ 1848 today, which monitors the price of gold worldwide, after it was $ 1779 on May 3.
The Goldsmiths Association sets the gold prices in Syria, but many craftsmen do not adhere to its official publication. Last February, the association circulated that citizens should not buy any gold, except according to the pricing issued by it. According to the circular, a complaint can be submitted to the association or the Supply Directorate about any craftsman selling at a price higher than the association’s price, to take legal measures and close the shop.