{"id":118085,"date":"2024-10-28T08:26:35","date_gmt":"2024-10-28T08:26:35","guid":{"rendered":"https:\/\/npasyria.com\/en\/?p=118085"},"modified":"2024-10-28T08:26:37","modified_gmt":"2024-10-28T08:26:37","slug":"gold-prices-soar-30-percent-in-northeast-syria","status":"publish","type":"post","link":"https:\/\/npasyria.com\/en\/118085\/","title":{"rendered":"Gold prices soar 30 percent in Northeast Syria"},"content":{"rendered":"\n

By Dilsoz Youssef<\/strong><\/h3>\n\n\n\n

HASAKAH, Syria (North Press) \u2013 <\/strong>In the village of Tel Nasri in the countryside of Hasakah, Northeast Syria, 23-year-old Mustafa Azzouz is unable to marry, with his monthly salary barely enough to buy a single gram of gold.<\/p>\n\n\n\n

Traditions in his region require that the groom buys gold for the wedding, but like many young Syrians, Azzouz\u2019s $80-a-month earnings as a day laborer only cover his family\u2019s basic needs, especially with his father\u2019s heart condition.<\/p>\n\n\n\n

Supporting his family of eight alongside his younger brother, Azzouz says saving for marriage means giving up many things. \u201cIt would take two or three years to buy just a ring or bracelet. If this keeps up, I might be 30 before I can afford to marry,\u201d he told North Press.<\/p>\n\n\n\n

Skyrocketing prices<\/strong><\/h2>\n\n\n\n

Gold prices have surged in Syrian markets amid the Syrian pound\u2019s devaluation against foreign currencies. The price of 21-carat gold has hit $78 per gram, an increase of over $20 since October, or nearly $900 per ounce.<\/p>\n\n\n\n

For many Syrians, gold is now a luxury they cannot afford, pushing marriage further out of reach as incomes barely cover daily essentials.<\/p>\n\n\n\n

Employees and workers in the region of the Autonomous Administration of North and East Syria (AANES) earn an average of $70 per month, while those in government-controlled areas receive roughly $35. This means even a single gram of gold would require saving their entire salary for two months.<\/p>\n\n\n\n

Muhammad Ali, a restaurant worker in Hasakah, faces similar struggles. His monthly salary of 1.5 million SYP ($100) barely covers food and essentials for his family. \u201cI sold my wife\u2019s gold 12 years ago due to financial difficulties, but now, with prices so high, I could not buy even a quarter of what I sold,\u201d Ali shared.<\/p>\n\n\n\n

Sales slump in gold shops<\/strong><\/h3>\n\n\n\n

The global surge in gold prices, driven by ongoing wars, has led to stagnating sales in gold markets across Syria. Predictions suggest prices could reach $100 per gram next year.<\/p>\n\n\n\n

In Hasakah\u2019s bustling Mufti market, jeweler Muhammad Sayed Alo reports that business has been halved since 2024, with prices rising by more than $20 per gram. He noted that couples preparing for marriage used to buy between 40 and 60 grams of gold, but now they can afford only half that amount.<\/p>\n\n\n\n

Sayed Alo explains that some people are selling their gold to start businesses or cover living expenses, making it increasingly difficult for them to buy back their jewelry.<\/p>\n\n\n\n

Gold as a safe haven<\/strong><\/p>\n\n\n\n

With the soaring prices, economic experts point to gold as a secure investment for long-term savings over unstable paper currencies.<\/p>\n\n\n\n

Amad Fatemi, head of the Precious Metals Center, a syndicate affiliated with AANES, says that the global market heavily influences local gold prices, putting further strain on Syrians amid the Syrian pound\u2019s depreciation. \u201cGold is a safe haven,\u201d he told North Press, \u201ca form of wealth that retains value over time, making it ideal for future savings.\u201d<\/p>\n\n\n\n

As global conflicts continue to drive up gold prices, Syrians are left in a tough spot, their dreams of marriage fading under the weight of economic hardships.<\/p>\n\n\n\n

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