Gold drops 3 percent globally as Syrian market prices decline - وكالة الأنباء السورية – سانا

AI desk brief

Gold sold off 3% to a more than seven-week low, with spot at $4,156.45/oz and December futures at $4,188.80/oz, as rising oil prices revived inflation concerns and reinforced expectations for higher U.S. rates. Traders were pricing a 70.3% probability of a Fed rate increase in October, and investors now look to this week’s U.S. labor-market and inflation data for the next policy cue.

The weakness was broad across precious metals, with silver down 4.8% to $61.17/oz, platinum off 2.4% to $1,735.88, and palladium down 2.2% to $1,239.60. In Syria, 21-carat gold fell by 400 Syrian pounds per gram, with the authority setting the selling price at 16,100 pounds and the international benchmark used in the bulletin at $4,165/oz.