The price of a gram of gold continues to decrease in Syria, with a drop of 10,000 Syrian pounds today, Wednesday, November 13.

Over the past two weeks, the total decline has reached about 100,000.

According to the bulletin issued by the Craft Association for Goldsmiths and Jewelry Making in Damascus today, the price of a gram of 21-carat gold was recorded at 1,095,000 Syrian pounds for sale and 1,094,000 pounds for purchase, according to the Syrian news agency (SANA).

Meanwhile, the price of an 18-carat gold gram was recorded at 938,571 pounds for sale and 937,571 pounds for purchase.

The association set the selling price of the 995-carat ounce at 40 million, and the selling price of the 21-carat gold coin at 9,125,000 pounds.

The association emphasized the necessity for artisans to adhere to the official pricing issued and the electronic link, providing a formal invoice with a QR code, while the financial fee should be collected after calculating the price of gold for the piece plus manufacturing fees, indicating that any violation exposes the artisan to legal and financial accountability.

In a related context, the local site Athr Press reported that the price of gold in Syria has dropped by about 100,000 pounds over two weeks.

The site added that the price of a gram of gold reached 1,190,000 pounds at the end of October and that the gold coin recorded 10,050,000 pounds due to the rise in the global ounce price to 2,783 US dollars.

On November 2, the price of a gram of gold decreased by 10,000 pounds, then dropped another 60,000 pounds during the last week, recording 1,120,000 pounds, and then fell another 25,000 pounds in the last 48 hours, making the total decrease approximately 95,000 pounds over two weeks.

The price of a gram of gold in Syria exceeded one million for the first time in Syrian history on Thursday, May 16, when it was recorded at 1,005,000 pounds.

Gold prices in Syria are influenced by global gold prices and the exchange rate of the Syrian pound against foreign currencies, which today stood at 14,750 pounds against the US dollar, according to the S-P Today website.

Global gold prices dropped on Monday, November 11, by 2.5% under the pressure of the continuing rise of the US currency and the broader implications of Donald Trump’s victory in the US presidential elections on financial policy and interest rate cuts, according to Reuters.

Due to the rise in gold prices to record levels in recent years amid deteriorating living and economic conditions, Syrians are resorting to imitation gold (Brazilian and Russian) to fulfill wedding traditions, which are considered sacred in Syrian society.

In mid-August, Ghassan Jazmati, head of the Craft Association for Goldsmiths and Jewelry Making in Damascus, stated that most purchases were for decorative gold of 18-carat, noting that the percentage of gold savings sales is currently low and does not exceed 20% of total sales, according to the local Al-Watan newspaper at that time.

Approximately three to four kilograms of gold are sold daily in the capital, Damascus, according to Jazmati.