The Director General of the General Authority for Precious Metals Management in Syria, Musab Al-Aswad, attributed the rise in gold prices in both local and global markets to a combination of interrelated factors, primarily the increase in the global ounce price and the Federal Reserve’s interest rate cuts.

Al-Aswad explained that geopolitical tensions, wars, and conflicts have driven investors and banks to hedge with gold as a safe haven, in addition to increased demand in Asian markets. He pointed out that some countries, such as China and India, which are among the largest gold consumers worldwide, have been purchasing large quantities of gold, alongside the rise in the local dollar exchange rate.

He added that we might see consecutive increases in global gold prices due to decisions by major central banks, especially the U.S. Federal Reserve, which has cut interest rates and raised the ceiling for the global ounce price, setting a new higher limit that enhances gold’s attractiveness as an investment tool.

Al-Aswad confirmed that the Authority monitors global market developments daily and strives to regulate the local market movement and stabilize prices, ensuring the rights of both citizens and jewelers alike. He urged citizens to rely on official invoices and deal only with licensed jewelers.

He indicated that gold prices may continue to fluctuate in the coming period, depending on international market movements and local and global economic factors, emphasizing the importance of following official bulletins to avoid rumors and inaccurate estimates.

The global gold market has witnessed sharp fluctuations since the beginning of the year due to geopolitical tensions in several world regions and the slowdown in global economic growth. Consequently, the local market in Syria is affected by these combined factors, along with the impact of the dollar exchange rate, which directly reflects on daily gold prices within the country.