Damascus Gold Market
 Hit By Recession

Syrian capital witnesses slump in gold sales as university exams commence and exchange rates fluctuate

Ghassan Jazmati, head of the Handcraft Association of Goldsmith and Jewelry in Damascus, said the gold market has witnessed a recession in the current period.

Jazmati explained to the pro-regime al-Watan newspaper that the recession was the result of the start of university exams in which sales movement decreased, in addition to the fluctuation of the dollar exchange rate, which negatively affected the price of gold in previous days. The price of one gram of 21 carat gold has settled at 9,300 Syrian pounds, while the price of a pound of gold settled at 77,000 Syrian pounds and an ounce of gold at 337,000 Syrian pounds.

Jazmati added that the pricing was based on the average dollar price of 265 pounds, and the average daily sales do not exceed 2 kg of gold in Damascus markets, expecting the movement to improve with the end of exams and the start of the summer vacation, which usually witnesses an increase in the purchase of gold ornaments for special occasions and weddings.

Jazmati also said the General Directorate of Customs plans to organize a live auction to sell gold and silver confiscations next Tuesday at 1pm under the supervision of the Goldsmiths Association. Jazmati said all those who would like to participate in the auction are welcome.

Jazmati said the auction will be selling Italian jewelry confiscated for illegally entering the Syrian market.

Translated and edited by The Syrian Observer


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