Gold prices steady in Syrian market as global bullion slips

Damascus, Sept. 22 (SANA) Gold prices were unchanged in the Syrian market Tuesday, with a gram of 21-karat gold holding at Monday’s level, according to the General Authority for Precious Metals Management.

The authority’s latest bulletin put the selling price of a gram of 21-karat gold at 16,700 Syrian pounds ($136.89), while the buying price stood at 16,400 pounds ($134.43).

A gram of 18-karat gold was priced at 14,300 Syrian pounds ($117.21) for selling and 14,000 pounds ($114.75) for buying.

The authority put the international reference price of gold at $4,318 an ounce.

In global markets, gold fell Tuesday as expectations that U.S. interest rates would remain higher for longer weighed on bullion, with investors awaiting comments from Federal Reserve officials for further clues on monetary policy.

Spot gold fell 0.6% to $4,319.39 an ounce by 0652 GMT, while U.S. gold futures dropped 0.6% to $4,356.30, Reuters reported.

The Federal Reserve raised its benchmark interest-rate target by a quarter percentage point last week to a range of 3.75% to 4%, saying inflation remained elevated.

St. Louis Fed President Alberto Musalem said the central bank would likely need to raise rates further to curb inflation driven by strong demand and a commodity-price shock that has spread beyond oil.

Higher interest rates typically reduce the appeal of non-yielding gold by increasing the relative attractiveness of interest-bearing assets.

With limited U.S. economic data due this week, investors are focusing on comments from Fed officials for indications of the future path of interest rates, as well as developments in commodity markets.

Among other precious metals, spot silver fell 1.1% to $65.28 an ounce, platinum declined 1.1% to $1,777.29 and palladium lost 0.8% to $1,290.07.

R.H/M.F