ERBIL, Kurdistan Region - The eastern city of Qamishli in northeast Syria (Rojava) has been witnessing an unprecedented surge in gold purchases since the beginning of October, amid the fluctuations in the Syrian pound against the US dollar. A local goldsmith confirmed the trend to Rudaw on Tuesday, attributing it to a growing public loss of confidence in the national currency.
Mohammad Khair Ramadan, a local gold dealer in Qamishli, said that “gold purchases have noticeably increased over the past two weeks,” adding, “Many people are no longer holding American dollars or Syrian pounds. They are turning to gold as a safer method of saving.”
As of Tuesday, the price of one gram of 21-carat gold stood at $100 and was expected to rise to $103.80 — equivalent to roughly 1,350,000 Syrian pounds (SYP). This estimate is based on the official exchange rate; however, black market rates differ.
“Despite these high prices, the demand for gold is significantly increasing,” Ramadan added.
He further elaborated that gold in Qamishli is sold in US dollars, not Syrian pounds - a trend that began earlier in Damascus and Aleppo following the end of currency restrictions under the toppled regime of longtime dictator Bashar al-Assad.
“Gold prices in Qamishli, Damascus, and Aleppo are nearly the same, with only minor differences due to wage and craftsmanship costs,” said Ramadan. He added that most of the gold entering Qamishli comes from Damascus and Aleppo, though some also arrives via Turkey.
The rush to gold in Qamishli aligns with a global surge in gold prices, which have surpassed the $4,000 per ounce mark - an all-time high. This global rise is fueled by increasing economic and geopolitical uncertainty, including continued US-China trade tensions, the US government shutdown and multiple ongoing conflicts.
In Syria, the country’s economy has, since the December regime change, remained volatile.
The Syrian pound appreciated by 29 percent against the US dollar by mid-2025, helped by eased sanctions and foreign currency inflows. However, the country’s GDP growth stands at just 1 percent, with ongoing liquidity problems, high inflation, and over 90 percent of the population living in poverty.
Ramadan explained however that the economic instability has not affected people’s appetite for gold, which is notably sold in US dollars. “A monthly salary in Syrian currency isn’t even enough to buy half a gram of gold, yet demand is higher than in previous years,” he noted.
While many buyers opt for heavy gold pieces with minimal craftsmanship costs, others purchase gold for adornment - particularly for brides - or as traditional gifts.
Mohammad Khair Ramadan, a local gold dealer in Qamishli, said that “gold purchases have noticeably increased over the past two weeks,” adding, “Many people are no longer holding American dollars or Syrian pounds. They are turning to gold as a safer method of saving.”
As of Tuesday, the price of one gram of 21-carat gold stood at $100 and was expected to rise to $103.80 — equivalent to roughly 1,350,000 Syrian pounds (SYP). This estimate is based on the official exchange rate; however, black market rates differ.
“Despite these high prices, the demand for gold is significantly increasing,” Ramadan added.
He further elaborated that gold in Qamishli is sold in US dollars, not Syrian pounds - a trend that began earlier in Damascus and Aleppo following the end of currency restrictions under the toppled regime of longtime dictator Bashar al-Assad.
“Gold prices in Qamishli, Damascus, and Aleppo are nearly the same, with only minor differences due to wage and craftsmanship costs,” said Ramadan. He added that most of the gold entering Qamishli comes from Damascus and Aleppo, though some also arrives via Turkey.
The rush to gold in Qamishli aligns with a global surge in gold prices, which have surpassed the $4,000 per ounce mark - an all-time high. This global rise is fueled by increasing economic and geopolitical uncertainty, including continued US-China trade tensions, the US government shutdown and multiple ongoing conflicts.
In Syria, the country’s economy has, since the December regime change, remained volatile.
The Syrian pound appreciated by 29 percent against the US dollar by mid-2025, helped by eased sanctions and foreign currency inflows. However, the country’s GDP growth stands at just 1 percent, with ongoing liquidity problems, high inflation, and over 90 percent of the population living in poverty.
Ramadan explained however that the economic instability has not affected people’s appetite for gold, which is notably sold in US dollars. “A monthly salary in Syrian currency isn’t even enough to buy half a gram of gold, yet demand is higher than in previous years,” he noted.
While many buyers opt for heavy gold pieces with minimal craftsmanship costs, others purchase gold for adornment - particularly for brides - or as traditional gifts.
Comments
Rudaw moderates all comments submitted on our website. We welcome comments which are relevant to the article and encourage further discussion about the issues that matter to you. We also welcome constructive criticism about Rudaw.
To be approved for publication, however, your comments must meet our community guidelines.
We will not tolerate the following: profanity, threats, personal attacks, vulgarity, abuse (such as sexism, racism, homophobia or xenophobia), or commercial or personal promotion.
Comments that do not meet our guidelines will be rejected. Comments are not edited – they are either approved or rejected.
Post a comment