Syria selling gold at a discount to raise funds

Syria are attempting to sell their gold reserves at prices well below the market rate in order to raise funds as Western and Arab sanctions on the country begin to bite, diplomats and traders have told Reuters.

"Syria is selling its gold at rock bottom prices," said a Western diplomatic source to the news agency, declining to say where it was being sold. A second diplomat confirmed the information, adding that Damascus was looking to offload everything it could to raise cash, including currency reserves.

Two gold traders in the United Arab Emirates said Syria was offering gold at a discount, making offers at about 15% below market value.