Gold prices spike in Syria amid fears sparked by US presidential election
DAMASCUS, Syria (North Press) – The gold price in Damascus spiked on Wednesday, concurrent with the continued decline in the exchange rate of the Syrian pound against the US dollar.
The price of a gram of 21 carat gold was 128,000 Syrian pounds (SYP) on Wednesday, according to the price of the Goldsmiths’ Association in Damascus. The price of a gram of 18 carat gold was 109,714 SYP.
The exchange rate of the Syrian pound against the US dollar fell further on Wednesday. The exchange rate of US dollar in the black market in Damascus was about 2,480 SYP for purchase, and 2,510 SYP for sale.
The price of the dollar in the Central Bank of Syria stabilized at 1,250 SYP for purchase and 1,262 SYP for sale.
The head of the Goldsmiths’ Association in Damascus, Ghassan Jazmati, explained in a previous statement to the pro-government al-Watan newspaper the reason for the increase in the ounce comes “as a result of investors’ appetite to buy gold for the purpose of saving, influenced by concerns about the results of the US presidential election.”
The rise caused a stagnation in the markets, along with poor living conditions and a severe deterioration of the economy, as approximately 80% of Syrians live below the poverty line.
Since 2011 and until the beginning of this year, the Syrian economy has incurred losses estimated at $530 billion, which is equivalent to 9.7 times the gross domestic product (GDP) for the year 2010 at constant prices, according to a study prepared by the Syrian Center for Studies Research.