Damascus, Sept. 13 (SANA)The price of a gram of 21-karat gold in the Syrian market rose by 100 Syrian pounds compared with Saturday, according to the latest bulletin issued by the General Authority for Precious Metals Management on Sunday.The authority said the selling price of a gram of 21-karatgoldstood at 16,100 Syrian pounds ($131.97), while the buying price reached 15,800 Syrian pounds ($129.51).The selling price of a gram of 18-karat gold was set at 13,800 Syrian pounds ($113.11), while the buying price stood at 13,500 Syrian pounds ($110.66).The global price of a gold ounce stood at $4,348.Global gold prices recover amid rate hike expectationsIninternational markets, gold prices recovered from recent losses as investors weighed higher US inflation data against expectations of further monetary tightening by the Federal Reserve.Spot gold rose 1.1% to $4,363.01 per ounce on Friday, but remained down about 1.5% for the week, Reuters reported. US gold futures settled nearly unchanged at $4,408.90 an ounce.Gold prices had fallen nearly 2% on Thursday after US Producer Price Index data showed prices increased in line with expectations in August. Consumer Price Index data released on Friday showed prices rose 0.4% in August after increasing 0.1% in July, according to Reuters.Higher inflation expectations strengthened bets on further Federal Reserve action, with traders pricing in an 87% chance of a rate hike at the Fed’s next policy meeting, up from 67% before the inflation data, according to the CME FedWatch Tool.While gold is often viewed as a hedge against inflation, higher interest rates can reduce the appeal of non-yielding bullion.

Other precious metalsAmong other precious metals, spot silver rose 1.6% to $64.54 per ounce, although it was down 2.6% for the week.Platinum gained 1% to $1,792.11 an ounce, while palladium rose 2.1% to $1,308.63. Both metals remained on track for weekly losses.