Historic Rise: Gold in Syria Exceeds 1,100,000 Lira
April 22, 2025, 1:13 pm

Historic Rise: Gold in Syria Exceeds 1,100,000 Lira

أسعار العملات الأجنبية والذهب مقابل الليرة السورية

Gold markets in Syria witnessed an exceptional rise today, Tuesday, as the price of 21-carat gold surpassed the milestone of 1,100,000 Syrian pounds for the first time. This increase is attributed to the rising price of the ounce in global markets, causing concerns among investors and driving them toward gold as a safe haven.

According to the "Lira Today" website, which specializes in currency exchange and precious metals prices, the selling price of 21-carat gold reached 1,102,000 lira, while the price for 18-carat gold stood at 945,000 lira. In contrast, the "Goldsmiths Association" announced an official price for 21-carat gold at 1,080,000 lira.

Gold prices continue to reach record highs after U.S. President Donald Trump's criticism of Federal Reserve Chairman Jerome Powell raised concerns in the markets, prompting investors to reduce risk and turn to gold purchases.

On the global front, the spot price of gold increased by 2.2% to $3,493.41 per ounce, after peaking at $3,500.05 earlier in the session. Meanwhile, U.S. gold futures rose by 2.3% to $2,502.40.

In a comment to Reuters, Tim Waterer, Senior Market Analyst at KCM, stated: "Investors are avoiding U.S. assets amid concerns related to tariffs and the controversy between Trump and Powell, which strengthens gold's position as an ideal choice amid issues with the dollar."

This comes as Trump renewed his call for an immediate interest rate cut amidst warnings about a potential slowdown in the U.S. economy, increasing market pressures. Global markets are experiencing instability, as Asian stock markets faced difficulties following rapid sell-offs of U.S. assets, negatively impacting Wall Street and the dollar.

In this context, China accused the United States of abusing tariffs, warning of consequences for economic agreements with other countries at the expense of Beijing.

While gold is considered a safe haven amid economic uncertainty, it has seen a 33% increase since the beginning of this year. Markets are anticipating comments from officials at the Federal Reserve this week, hoping to gain insights into the future of monetary policy amidst concerns regarding the independence of the central bank.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.