Gold prices in US dollars in the official bulletin
The General Authority for Precious Metals Management publishes the gram price in US dollars next to the pound price, for 21k, 18k and 24k, selling and buying. These prices help Syrians abroad see the gold price in Syria in dollars directly, or compare it with prices where they live.
The bulletin’s dollar prices match the market rate, not the Central Bank rate. Dividing the pound price by the dollar price gives SYP 141.38 per dollar today, while the Central Bank of Syria rate is SYP 121.62.
Converting the gold price from dollars to pounds
Gram price in pounds = dollar price × the bulletin’s dollar rate. Today: $116 × 141.38 = about SYP 16,400 in new pounds for a 21k gram, or 1,640,000 old pounds.
Converting at the Central Bank of Syria rate would give only about SYP 14,100, some SYP 2,300 a gram below the bulletin price that shops use. Convert at the bulletin’s dollar rate if you want to know what you will pay in a shop.
The gold price in Syria against the world price
The world price here is the ounce price divided by 31.1035 grams and multiplied by the karat purity, with no margin or making charge. The world ounce is 4,134.62 US dollars right now.
- 21k: $116 in the bulletin against $116.31 worldwide, about 0.3% below the world price.
- 24k: $133.5 in the bulletin against $132.93 worldwide, about 0.4% above the world price.
- 18k: $99 in the bulletin against $99.70 worldwide, about 0.7% below the world price.
For Syrians abroad: before you buy gold in Syria
- What a buyer pays in a shop in Syria is the bulletin’s pound price, not the dollar price times the Central Bank rate.
- The making charge is added to the gram price, and Syria charges no VAT on gold.
- Prices change one to three times a day, so check the time of the latest bulletin.
- Divide any old-pound figure by 100 to get new pounds.
- To compare with the country you live in, compare the dollar price per gram for the same karat, before making charges and taxes.