Gold prices rose in Syria, Saturday, February 12, 2022, coinciding with the weekly holiday for the precious metal markets globally.
And the global gold markets are on holiday today, Saturday, and tomorrow, Sunday.
Gold price today in Syria
The price of a gram of 24-carat gold in Syria today increased to 150,235 thousand pounds ($59.81), compared to 147,998 thousand pounds ($58.92), yesterday.
The price of a gram of 21 karat gold in Syria (the most traded in the market) also rose to 131,459 thousand pounds ($52.33), compared to 129,501 thousand pounds ($451.55).
And the price of a gram of 18 carat gold increased during today’s trading in Syria to 112,678 thousand pounds ($44.86), compared to 111 thousand pounds ($44.19).
In terms of economic gold transactions in Syria, the price of a gram of 14-carat gold rose during today’s trading to 87,638 thousand Syrian pounds (34.89 dollars), compared to 86,333 thousand pounds (34.37 dollars).
Gold price per ounce and pound today in Syria
And the price of an ounce of gold today in Syria recorded regarding 4.672 million pounds (1860 dollars), compared to 4.602 million pounds (1832 dollars), yesterday.
While the price of the gold pound in Syria today reached 1.051 million pounds (418.66 dollars), compared to 1.036 million pounds (412.42 dollars).
Global gold prices
Globally, gold prices rose when settling Friday’s trading session (the last session of the week), supported by growing concerns regarding the continuation of inflationary pressures and with anticipation of monetary policy developments.
Concerns regarding rising prices increased following data from the US Bureau of Labor Statistics showed on Thursday that the inflation rate in the United States rose to 7.5% during last January on an annual basis, which represents the highest pace in 40 years.
These data doubled the pressure on the Federal Reserve to take a more hawkish stance to confront accelerating inflation, as experts at Citigroup indicated the possibility of raising US interest rates by 50 basis points during the next March meeting.
Thomas Barkin, President of the Federal Reserve in Richmond, stated that he would be open to raising rates by regarding 50 basis points, while Thomas Bullard, President of the Federal Reserve in St. Louis, expressed his support for a 1% rate hike by the beginning of next July.
US Treasury yields declined during Friday’s trading, as the 10-year bond yield recorded 1.97%, following it exceeded 2% during yesterday’s trading following the release of inflation data.
Meanwhile, data from the University of Michigan showed that US consumer confidence fell to the lowest level in a decade, as the index recorded 61.7 in the preliminary reading in February, compared to 67.2 points in January.
And the price of gold futures contracts for April delivery rose 0.2%, or $4.70, to reach $1,842.10 an ounce at the settlement of the Friday session.
In the total trading last week, gold prices rose by 1.9%.
