Gold prices steady in Syrian market as global bullion retreats - sana.sy

AI desk brief

Gold was steady in Syria on Wednesday even as global bullion retreated, with 21-karat gold unchanged at SYP 16,700/gram selling and SYP 16,400 buying; the implied Syrian-market ounce value was $4,323. International spot gold fell 0.9% to $4,316.59/oz and December futures dropped 0.5% to $4,353.30 as the dollar hit a two-month high and Fed commentary kept rate-cut expectations subdued.

Ole Hansen said gold is trading in a narrow $4,300-$4,400/oz band, with short-term direction driven by US rate expectations, bond yields, the dollar and oil. Silver, platinum and palladium also weakened, down 2.7%, 2.3% and 2.0% respectively, underscoring a firmer rates/USD backdrop for precious metals.