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Noose tightens for Syria’s gold dealers

Noose tightens for Syria’s gold dealers

Soaring prices scare off Syrians from buying gold, giving dealers a headache.

January 12, 2011 2:32 by

Syrian gold retailers are being hit hard as the price of the yellow metal climbs to record levels amid low demand and a government ban on exports.

Like most things today, the shoddy economy is part of the equation. Syrians are flocking to shops to sell while gold is high, while many family gold businesses are moving into other trades just to survive.

Read more: Gold up, down, and up again. Are you buying?

Source: Reuters

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