Gold prices steady in Syrian market as global bullion slips - سانا

AI desk brief

Syrian domestic gold prices were unchanged on Tuesday, with 21-karat gold steady at 16,700 Syrian pounds/gram ($136.89 selling) and 18-karat at 14,300 Syrian pounds/gram ($117.21 selling), while the authority’s international reference price stood at $4,318/oz. Global bullion softened as traders priced a higher-for-longer Fed backdrop: spot gold fell 0.6% to $4,319.39/oz and U.S. gold futures dropped 0.6% to $4,356.30/oz.

The article flags continued pressure from elevated U.S. rates after last week’s quarter-point Fed hike to 3.75%-4.0% and comments from St. Louis Fed President Musalem suggesting further tightening may be needed to curb inflation. Silver, platinum and palladium were also lower, indicating broad precious-metals weakness as investors wait for more Fed guidance.