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 sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”