Rising gold prices cause a decline in its demand in Derik

Derik – North Press Agency

Solnar Muhammad

The Syrian markets are experiencing a stalemate in the movement of buying and selling of gold, as a result of its high price and instability, including the market of the town of Derik (Malikiya) in the far north-eastern Syria.

The buying and selling movement decreased as a result of the fluctuating exchange rates of the U.S. dollar against the Syrian pound (lira), between ups and downs, which affected by gold dealers, customers, and others who benefited from the process of buying and selling.

Um-Ahmed, a woman from Derik, told North-Press that she was used to buy gold when its price is dropped, and resells it later when it rises to benefit from the profits, but now, she cannot buy gold due to the fluctuation of the price. She added that the gold market has been in good demand in the last period, but its recent high price has made people refrained to buying.

For his part, the goldsmith Mohammed Amin Mirza from Derik, showed that the rise in the exchange of the dollar against the Syrian pound is directly affecting the price of gold, indicating that the demand for buying gold decreases during the winter season every year, due to the lack of employment opportunities. Mirza pointed that the demand for purchase is very low, indicating that the price per gram of gold has reached 36,000 Syrian pounds, while it was sold weeks ago at 23,000 Syrian pounds, which caused a great decline in the turnout movement.

The price of the Syrian pound against the dollar is significantly declining, where the exchange rate of the dollar has reached the threshold of 1,000 Syrian pounds a few days ago, the worst rate recorded by the Syrian pound in its history, which as a result reflected negatively on the markets, where the prices of gold, fuel, food and all goods have risen.