Gold prices in the Syrian market witnessed a significant increase during trading on Wednesday, with the precious metal recording a new surge in its market value, influenced by current economic changes and supply and demand dynamics. The price of a gram of 21-karat gold rose by 200 Syrian pounds compared to yesterday's price, reaching new record highs according to the newly implemented Syrian currency.
Gold prices today in Syria
According to the official bulletin issued today by the Damascus Goldsmiths and Jewelers Association, the price details are as follows:
- 21-karat gold: The selling price was recorded at 15.6 thousand Syrian pounds, while the buying price was 15.3 thousand Syrian pounds.
- 18-karat gold: The selling price reached approximately 13,400 Syrian pounds, while the buying price was 13,100 Syrian pounds.
In its circular, the association stressed to all craftsmen and shop owners the necessity of fully adhering to the official pricing issued by it, emphasizing the importance of displaying prices clearly and legibly on the storefronts to ensure transparency and protect consumer rights, warning that any violation will subject its owner to legal accountability.
The new Syrian currency and its economic impact
This increase comes amidst a significant transitional phase for the Syrian economy, coinciding with the introduction of the new national currency. The Goldsmiths' Association began pricing according to the new currency starting with its bulletin of January 1, 2026. This step is part of the monetary policy pursued by the Central Bank of Syria to restructure the currency and facilitate financial transactions.
According to the executive instructions issued by the Central Bank, the currency exchange mechanism was established whereby every 100 Syrian pounds of the old currency was equivalent to one Syrian pound of the new currency. The bank set a 90-day period, extendable, for completing the exchange process, giving citizens and merchants sufficient time to adjust their financial situations.
Gold as a safe haven during periods of transition
The price of gold in Syria holds a significance that transcends its status as a mere adornment. Syrians consider it a primary safe haven for preserving the value of their savings, particularly during times of monetary transition and fluctuating exchange rates. Markets typically experience a state of anticipation and caution during such transitional periods (such as the removal of zeros from the currency), driving investors and citizens towards fixed assets like gold to ensure the stability of their purchasing power.
The current price movements reflect the market's response to the new data, as assets are revalued based on the purchasing power of the new currency, an economic measure that countries usually resort to in order to reduce digital inflation and facilitate accounting and accounting processes in the country.
