Damascus, Aug. 8 (SANA)Gold prices in the local market rose by 300 Syrian pounds per gram on Saturday compared with Thursday, according to the bulletin issued by theGeneral Authority for Precious Metals Management.

The authority said the price of a gram of 21-karat gold reached 15,750 Syrian pounds for selling and 15,450 Syrian pounds for buying, while 18-karat gold reached 13,550 Syrian pounds for selling and 13,250 Syrian pounds for buying. The global market price of an ounce stood at $4,342.

The General Authority for Precious Metals Management was established inSyriaon February 12, 2025, to regulate and develop the gold and precious metals sector, enhance its role in the national economy, and oversee gold pricing through goldsmiths’ associations in the governorates within a financially and administratively independent institutional framework.

On Friday, Reuters reported that gold prices had risen to a seven-week high after an unexpected decline in US nonfarm payrolls in July reduced expectations of an interest-rate hike. Spot gold rose 2.3 percent to $4,336.02 per ounce, while USgoldfutures increased 2.3 percent to $4,399.70.

According to Reuters, the US Bureau of Labor Statistics said nonfarm payrolls fell by 23,000 in July following a downwardly revised increase of 20,000 in June. Economists surveyed by Reuters had expected an increase of 80,000 jobs.