Gold prices in Syria rose for a fourth consecutive session as global gold climbed to its highest level in seven weeks. Optimism over a possible reopening of the Strait of Hormuz eased concerns about further interest rate increases, while a weaker US dollar supported investor demand for the precious metal.

According to the midday bulletin issued by Syria’s General Authority for Precious Metals Management at 12:30 p.m. on Thursday, August 6, the price of 21-karat gold, the most widely traded grade, reached 15,500 new Syrian pounds per gram for sale, equivalent to $119, and 15,200 pounds for purchase, equivalent to $117. This represented an increase of about 500 pounds compared with Monday’s pricing of 15,000 pounds for sale and 14,700 pounds for purchase, a rise of 3.33% within days. The dollar price of an ounce also increased by $5.

The bulletin also showed that 24-karat gold reached 17,800 pounds per gram for sale and 17,400 pounds for purchase, while 18-karat gold stood at about 13,300 pounds for sale and 13,000 pounds for purchase.

Among other precious metals, the selling price of platinum rose to 7,900 new Syrian pounds per gram, equivalent to $60, from 6,800 pounds in the previous bulletin. The selling price of raw silver remained unchanged at 265 new Syrian pounds per gram, equivalent to $2.05.

Seven-Week High

Spot gold rose 0.2% to $4,254.98 an ounce, according to Reuters, after earlier touching its highest level since June 18. US gold futures also gained 0.2% to $4,312.80 an ounce.

Tony Sycamore, a market analyst at IG, said the sharp rise came amid growing optimism that a diplomatic breakthrough in the Middle East was close to being finalized.

According to Sycamore, this would, in turn, maintain downward pressure on oil prices and reduce the need for central banks to raise interest rates, thereby providing strong support for gold.

Optimism Over Hormuz Reopening Cuts Rate Hike Expectations

A proposed agreement between Iran and Oman to help end the ongoing war between Iran and the United States, which would give Tehran control over vessels entering the Gulf through the Strait of Hormuz, fueled market optimism and pushed the dollar index lower. The weaker dollar made gold less expensive for holders of other currencies.

According to CME Group’s FedWatch service, market expectations for a US interest rate increase in September fell to 55% from 67% two days earlier. This increased the appeal of non-yielding gold and helped it record its largest daily gain since February during the previous session.

US Jobs Data in Focus

Investors are awaiting the US nonfarm payrolls report for July, scheduled for release on Friday, according to Reuters, with expectations that the data will provide clearer signals about the Federal Reserve’s next steps.

An ADP employment report released on Wednesday showed that private-sector job growth in the United States slowed in July, reinforcing expectations of an easing in monetary policy.

Will Gold Keep Rising?

Analysts agree that continued gains in gold will depend on the course of geopolitical optimism and the direction of the dollar. If a diplomatic breakthrough in the Middle East is completed and the dollar continues to weaken alongside lower expectations for interest rate increases, the conditions could allow for further gains.

Sycamore said, “Markets are currently betting that a Hormuz breakthrough will prevent further monetary tightening, giving gold upward momentum, but tomorrow’s jobs data remains a real test of this outlook.”

Other analysts, however, warn that any positive surprise in labor market data could revive concerns about higher interest rates and limit gains in the precious metal.

Syrian Market Tracks Global Increase

The global rise is being reflected locally in higher prices calculated in Syrian pounds, as savers and buyers remain cautious and continue to link gold prices to movements in the global ounce price and the exchange rate.

Musab al-Aswad, director general of the General Authority for Precious Metals Management, previously told Enab Baladi that fluctuations in Syrian gold prices linked to movements in the global ounce price keep local markets cautious. He said this encourages savers to turn to lightweight gold jewelry intended for saving and to bullion as a hedge, particularly as people hold on to their savings and remain reluctant to sell under current conditions.

Gold reached an all-time high in January 2026 when it touched $5,608 an ounce, before a sharp selloff pushed it below $4,500 in February. It then gradually resumed its rise, reaching its current seven-week high, supported by a weaker dollar and market optimism over a possible breakthrough in the Middle East.