Gold prices in the Syrian market recorded an unprecedented surge on Tuesday, with the price of one gram surpassing 1.1 million Syrian pounds for the first time. The hike is primarily driven by the soaring global price of gold.
اضافة اعلان
According to “Lira Today,” a platform specializing in exchange rates and precious metals, the selling price of 21-karat gold reached 1,102,000 Syrian pounds per gram, while 18-karat gold was priced at 945,000 Syrian pounds per gram.
Meanwhile, the Syrian Goldsmiths’ Association issued an official price listing of 1,080,000 Syrian pounds per gram for 21-karat gold.
Gold Hits $3,500 per Ounce Globally for the First Time
Gold continued its record-breaking rally on Tuesday, as global uncertainties fueled demand for the yellow metal as a safe haven. This surge came amid market jitters sparked by former U.S. President Donald Trump’s criticism of Federal Reserve Chairman Jerome Powell, which drove investors away from riskier U.S. assets.
Spot gold climbed 2.2% to $3,493.41 per ounce, after reaching a record high of $3,500.05 earlier in the session. U.S. gold futures rose 2.3% to $2,502.40.
Dollar Troubles and Trump vs. Powell
Tim Waterer, chief market analyst at KCM Trade, told Reuters:
“Investors are significantly pulling back from U.S. assets amid concerns over tariffs and the dramatic standoff between Trump and Powell, leaving gold in a prime position to capitalize on the dollar’s weaknesses.”
On Monday, Trump renewed his call for an immediate interest rate cut, warning of a possible economic slowdown. He criticized Powell’s decision to keep rates unchanged until the impact of tariff policies on inflation becomes clear.
Turmoil in Asian Stock Markets
Asian stock markets also struggled to stabilize following a rapid sell-off of U.S. assets, which weakened Wall Street and the U.S. dollar.
Adding to global concerns, China on Monday accused the U.S. of abusing tariffs and warned other countries against signing broader trade deals with Washington at Beijing's expense.
Gold is traditionally considered a safe haven during economic uncertainty, and it has surged nearly 33% since the beginning of the year.
Markets are now awaiting remarks from several Federal Reserve officials later this week in hopes of gaining insight into the future of monetary policy, especially amid growing concerns over the Fed’s independence.
