Gold prices in the Syrian market recorded a slight increase on Saturday, as the price of a gram increased by 100 pounds in the new currency compared to last Thursday's prices.
According to the official bulletin issued by the General Authority for Precious Metals Management, the prices were as follows:
21 carat: 17,400 LBP for sale, 17,100 LBP for buying.
18 carat: 14,900 LBP for sale, 14,600 LBP for buying.
Global Performance and Ounce Volatility
Globally, the price of an ounce held steady at $4,710, and despite the 0.33% rise in Friday's session, it suffered its first weekly loss in five weeks of 2.5%.
The decline was driven by a stronger dollar and rising US Treasury yields, which rose 1.5% this week, increasing the opportunity cost of holding the non-yielding metal.
The repercussions of the "Hormuz crisis" and Pakistani mediation
Markets are in a state of uncertainty as a result of the ongoing war crisis and the closure of the Strait of Hormuz, which has kept investors in a state of anticipation and anxiety.
While tensions have fueled inflation fears (a positive factor for gold as a hedge tool), the simultaneous rise in oil prices has increased expectations of a rate hike, reducing the yellow metal's appeal.
Fourth: Prices of Other Precious Metals
Other metals followed gold's daily gains, with prices in spot trading as follows:
Silver: up 1.16% to $76.94 an ounce.
Platinum: up 0.3% to $2017.27.
Palladium: up 1.09% to $1509.9.
Conclusion:
Gold is currently in a "clash of engines" zone, supported by the risks of war and geopolitical turmoil on the one hand, and on the other hand, it is being pressured by the rise of the dollar and bond yields, making future moves contingent on the outcome of the upcoming diplomatic dialogue in Islamabad.