Local Gold Prices Edge Higher in Damascus

The domestic gold market in Syria experienced a modest upward adjustment on Tuesday, as prices for precious metals saw a slight increase compared to earlier trading sessions. According to the latest data released by the General Authority for Precious Metals Management in Damascus, the price of 21-karat gold rose by 50 Syrian pounds per gram.

Following the update issued by the regulatory body on Tuesday afternoon, the selling price for a gram of 21-karat gold was set at 15,950 Syrian pounds, with a purchase price of 15,650 Syrian pounds. Meanwhile, 18-karat gold was priced at 13,750 Syrian pounds for sale and 13,450 Syrian pounds for purchase. On the international stage, the price of gold per ounce was recorded at 4,373 US dollars.

The General Authority for Precious Metals Management continues to play a central role in the oversight of the domestic gold trade. Established on February 12, 2025, the body was created as an independent financial and administrative institution with a clear mandate to regulate and develop the gold and precious metals sector. Its objectives include strengthening the role of the precious metals industry within the national economy and overseeing the specific mechanisms used to price gold, working in coordination with local jewelers’ associations across the various governorates.

This pricing update reflects the ongoing efforts of the Authority to maintain institutional oversight of the market. As the sector evolves under this new regulatory framework, the Authority remains focused on ensuring that the processes for gold valuation are standardized and transparent, thereby providing stability for both traders and consumers within the Syrian market. The fluctuations observed reflect the broader economic context within which the authority operates, as it continues to streamline and organize the trade of precious metals as part of a larger strategy to support domestic economic stability.