📰 Syria’s gold prices hit record high as global market surges

QAMISHLI, syria-awaits-unesco-decision-on-adding-two-new-elements-to-intangible-heritage-list/" class="smart-internal-link" title="📰 Syria awaits UNESCO decision on adding two new elements to Intangible Heritage List">syria/" class="auto-internal-link">syria (North Press) – The price of 22-carat gold in syrian markets surpassed the 1. 4 million Syrian pound mark on Saturday, continuing a sharp upward trend that has gripped local markets since early October. In the capital damascus, 22-carat gold was sold at 1,450,000 SYP per gram and bought at 1,444,000 SYP, as per figures from local gold traders. The rise follows a historic leap in international gold prices earlier this week, when spot gold exceeded $4,000 per ounce on Wednesday — its highest level ever recorded.

Analysts attribute the surge to investor demand for safe assets amid increasing economic and geopolitical uncertainty worldwide. In Damascus, the price of 21-carat gold reached 1,386,000 SYP for sale and 1,380,000 SYP for purchase. In fact, meanwhile, 18-carat gold was priced at 1,189,000 SYP for sale and 1,184,000 SYP for purchase. Similar rates were recorded in the northern cities of Aleppo and Idlib, reflecting a nationwide trend of rising precious metal prices.

In the city of Hasakah, within the regions administered by the Autonomous Administration of North and East Syria (AANES), gold prices also saw a marked increase. Local gold traders stated the price of 22-carat gold reached 1,463,000 SYP for sale and 1,456,000 SYP for purchase. The 21-carat variety sold at 1,398,000 SYP and was bought at 1,392,000 SYP, while 18-carat gold was sold for 1,199,000 SYP and bought for 1,194,000 SYP. Furthermore, merchants across different governorates stated demand for gold jewelry and bullion has slowed in latest days due to soaring prices and the persisted depreciation of the Syrian pound.

They noted that while global prices have driven part of the increase, the weakening of the local currency and limited market liquidity have amplified the rise domestically. Despite market instability, local economic committees within the AANES have persisted monitoring commodity prices to limit speculation and backing consumer protection mechanisms in coordination with trade unions and local chambers of commerce. Indeed, with international gold values remaining high and the Syrian currency under pressure, traders expect prices to fluctuate further in the coming days. By Atoun Jan