The wave of sharp volatility returned to the local monetary scene on Sunday, as the US dollar exchange rate recorded a consecutive rise to reach the level of 13,250 Syrian pounds in morning trading.
The jump comes as a direct echo of Iran's abrupt decision to close the Strait of Hormuz completely, a development that has shocked global supply chains and raised serious concerns about energy supply disruptions and rising shipping and insurance costs.
Double pressure on the citizen
According to a report by the Syrian newspaper Al-Watan, these concerns were manifested domestically by the increase in demand for foreign currencies as a hedge against the consequences of the closure, which made the Syrian pound lose its recent marginal gains. At a time when the parallel market is accelerating to react to shocks, the dilemma of "rigid prices" is emerging, as commodity prices refuse to decline despite any temporary improvement in the exchange rate, reflecting a lack of supervision and monopolistic behavior that always invokes future supply costs.
According to Al-Watan, this detachment from the price reality coincides with the Central Bank of Syria's adherence to the stability of exchange rates in its official bulletins, a gap that has become a double burden on the purchasing power of citizens, as the consumer pays the price of black market leaps without touching the fruits of the "stability" of official bulletins or temporary improvements in the value of the pound.
Gold Market: Global Flight and Local Correction
The impact of this escalation did not stop at the exchange rate limits, but extended to raise the prices of precious metals globally, as investors turned to safe havens, pushing the global gold ounce up by 0.95% to settle at $4,831.22, according to the latest bulletin data.
Although the improvement in the value of the ounce globally was supposed to push local prices higher, the prices recorded in the official bulletin issued on Sunday showed an attempt to correct the price path locally to absorb the exchange shock, as the sale of a gram of 21-carat gold recorded 17,300 Syrian pounds, while the purchase price was set at 16,900 Syrian pounds.
The detailed data of the bulletin showed that the selling price of a gram of 18-carat gold reached 14,850 Syrian pounds compared to 14,450 Syrian pounds for the purchase price, while the selling price of a gram of 24 carats reached 19,850 Syrian pounds, compared to 19,450 pounds for the purchase price.
In terms of US dollar-denominated prices, the markets maintained specific margins, as the sale of 21 carat recorded about $134, the sale of 18 carat about $115, while the sale of 24 carat stabilized at $154.