Gold falls in Syrian market as global bullion retreats - سانا

AI desk brief

Syrian 21-karat gold fell SYP 100/gram on Monday to SYP 16,000 selling and SYP 15,700 buying, while the authority set the global reference gold price at $4,311/oz. International spot gold slipped 0.9% to $4,308.24/oz and US futures fell 1.4% to $4,348.50 as hotter US inflation data lifted expectations for a Fed rate hike, pushing the dollar to a more than one-week high and pressuring non-yielding bullion.

Markets were pricing an 89% chance of a 25bp Fed hike this week, versus about 67% before the inflation release, with Goldman Sachs and HSBC both expecting tighter policy at Wednesday’s meeting. Oil’s 3% rally on Saudi and Gulf supply concerns added to inflation worries, but the immediate effect in metals was bearish: silver fell 1.9% to $63.22/oz, platinum 1.4% to $1,770.82, and palladium 1.4% to $1,280.97.