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Syrians Selling More and More Gold Savings

On Monday, May 20th, the price of gold surged in Damascus markets.
Syrians Selling More and More Gold Savings

Tony Zainia, the secretary of the Goldsmiths Association, highlighted a concerning trend in the local market: a decline in purchasing activity and an increase in Syrians selling off their gold reserves. This shift, Zainia explained, occurred as the price of 21-carat gold surpassed one million Syrian pounds per gram, as reported by the official Baath newspaper.

Zainia emphasized that consumers are closely monitoring prices in real-time, often more diligently than jewellers themselves. He noted the variance in drafting fees across different pieces, attributing it to underlying costs. Zainia elaborated, “Some designs incur additional charges compared to others, and our association advises customers to inquire about fees from multiple goldsmiths before making a purchase to ensure they secure the best deal.”

Furthermore, Zainia observed a sluggish demand for gold coins and ounces, indicating that market visitors are apprehensive, opting to observe rather than engage, anticipating price fluctuations.

On Monday, May 20th, the price of gold surged in Damascus markets, with one gram of 21-carat gold fetching 21 million and 26 thousand Syrian pounds.


This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.

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