Aline Hilal – Details Press (Exclusive)
Gold has surpassed the one million Syrian pounds per gram and $3,300 per ounce, as the significant increase it is witnessing globally is primarily due to the customs duties imposed by US President Donald Trump on several areas, which have clearly impacted precious metals.
We are also witnessing this global increase in the Syrian market, according to what the head of the Goldsmiths Syndicate, Muhammad al-Nimr, explained to Details Press, as it is reflected in gold buyers for the purpose of marriage or adornment. What the Syrian market is witnessing is buying for the purpose of saving pounds or ounces.
Workshop activity has declined by half
Regarding market activity, al-Nimr explained that sales 25 percent, while demand has reached 75 percent. He noted a decline in goldsmiths’ work, saying, “Someone who used to produce a kilogram now produces half.”
A decision to protect goldsmiths
Regarding the recent decision issued by the Syrian Goldsmiths Syndicate to ban the use of the Byzantine lira and its repercussions, Al-Nimr explained that the decision was issued to protect goldsmiths, who have been subjected to numerous fraud cases due to dealing in counterfeit liras, in addition to kidnappings. He pointed out that these liras are “artifacts, and dealing in artifacts is governed by the law.”
Investing in gold is safe
In a related context, Dr. Ali Muhammad, an economic expert, explained that this increase in the price of gold is a result of recent global decisions to impose US taxes and counter-taxes from some countries, which has prompted capital to invest in gold. This increase began last year and continues today, with its effects. It is reflected globally.
Expected increases
Some global investment banks had anticipated these increases, as they are clear and do not require further study, especially with US bond indices, the decline in the strength of the US dollar, and political indicators on the table, according to experts in the field.
By the end of this year, the price of an ounce is expected to reach around $3,500 or $3,700, as it reached $3,300 yesterday evening.
These forecasts were issued before the imposition of tariffs on countries around the world, and suspending these tariffs for 90 days will not adversely affect the decline in the price of gold, according to economic expert Muhammad Ali.
Central banks invested in gold
Economic events over the past years have prompted central banks in countries to purchase gold as a reserve asset, enabling them to preserve all related assets. Given the balance of economic indicators, an economic study issued in 2022 confirmed that global central banks purchased 1,082 tons of gold in 2022 and 1,037 tons of gold in 2023. The World Gold Council indicated that 29% of global central banks are seeking to purchase gold.
