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The price of gold in the local market rose for the second consecutive day, breaking through the 1 million mark, with the price of 21 carat gold per gram rising steadily by 12,000 Syrian pounds compared to the previous day.
Elias Mulkiah, vice chairman of the Damascus Goldsmiths and Jewelry Crafts Association, explained that this year the number of grams of 21-carat gold exceeded the million mark for the second time, setting a record that had never been reached before.
Mulkiya noted that despite the weak buying demand, the sales business is more focused on savings gold (lira and gold ounces) rather than decorative gold, adding: Sales are unusually weak for this period of the year because of the high number of artisans visiting the gold. Literally, the association places stamps on no more than 12 of their crafts.
Regarding the decision to link jewellers to the Ministry of Finance, the vice president of the association confirmed that this has no negative impact on artisans, as jewellers previously paid their expenses to the Ministry of Finance in Damascus through the association. Now, citizens’ expenses are paid directly to the Ministry of Finance.
Regarding the Central Bank of Syria’s decision to include the executive directive of Law No. 34 of 2023, which allows Syrians, resident and non-resident foreigners, natural or legal persons to carry raw gold bars, Malakiya explained that the issue is in the final stage and is being completed by the relevant authorities.
According to an announcement released yesterday by the Damascus Goldsmiths, Jewelers and Lapidary Crafts Association, one gram of 21-carat gold is sold for 1,013,000 liras and purchased for 1,012,000 liras, while one gram of 18-carat gold is sold for 868,286 liras and purchased for 867,286 liras.
The association set the selling price of 995 ounces of gold at 36 million liras and 200,000 liras, and the price of 21-carat gold at 8 million liras and 325,000 liras.
The association stressed that artisans need to adhere to the standing pricing it publishes and complaints can be sent to the association’s phone number.
Globally, gold prices rose to their highest level on Wednesday as hopes grew for a possible U.S. interest rate cut in September following recent statements from Federal Reserve officials.
Spot gold settled at $2,468.55 an ounce as of 04.56 GMT, having earlier hit a record high of $2,482.29, while U.S. gold futures rose 0.3% to $2,474.50.
In other precious metals, silver fell 1.1% in spot trading to $31.04 per ounce, platinum was stable at $999.91, and palladium rose 0.8% to $967.06 per ounce, Al-Watan reported.
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