On Monday, the gold markets in Syria witnessed a significant drop in the price of a gram by 400 pounds of the new currency, as the yellow metal gave up part of the gains it made yesterday.
According to the official bulletin issued by the General Authority for Precious Metals Management, the selling price of a 21-carat gram stabilized at 17400 new pounds, while the 18-carat carat recorded a sale of 14900 pounds, in a corrective move that followed the sudden rise in the market over the weekend.
Globally. The power of the dollar is pressuring the ounce
Internationally, gold faced a sharp fall of more than 1%, weighed down by the strong rise of the US dollar that reduced the metal's appeal as a safe-haven metal.
Spot gold prices fell to $4762.09 an ounce, while futures for June delivery hit lows of $4781.90, reflecting broad selling pressure that also included other precious metals such as silver, platinum and palladium by varying proportions.
Market Paradox: Gold Falls, Oil Catches Fire
In contrast to the bleeding of metals, oil prices charted a completely different path, recording a big jump of more than 7% on Monday. These rises come after the harsh declines witnessed last Friday in energy markets, which creates a complex and contradictory economic landscape, with the US currency pressing on gold, while tensions and geopolitical concerns are fueling fuel prices, putting global markets in a state of intense anticipation for the outcome of the next moves.