Preheat the oven to 350°F (175°C). Grease and flour a 9-inch round cake pan.
In a medium bowl, whisk together the flour, sugar, baking powder, baking soda, and salt.
In a large bowl, cream together the softened butter and sugar until light and fluffy. Beat in the eggs one at a time, then stir in the vanilla extract.
Mix in the pomegranate molasses. Gradually add the dry ingredients, alternating with the buttermilk, beginning and ending with the dry ingredients.
Pour the batter into the prepared cake pan and smooth the top with a spatula.
Bake for 35-40 minutes, or until a toothpick inserted into the center comes out clean.
Allow the cake to cool in the pan for 10 minutes, then transfer it to a wire rack to cool completely.
Dust with powdered sugar before serving.