Gold Prices: Insights from an Expert in Duhok
Sayyid Younis Ahmad, a seasoned expert in the gold and jewelry market based in Duhok, provided critical insights during an economic bulletin session hosted by Mohammed Sheikh Fatih on March 15, 2024. He forecasts a potential decrease in gold prices by $300 before witnessing a subsequent rise.
On the previous day, gold prices reached an unprecedented $3,000 per ounce, although they were trading lower at $2,900 during the session. The recent fluctuations in gold prices, according to Younis, can be largely attributed to uncertainties surrounding the U.S. government’s budgetary decisions.
Recently, the U.S. Senate voted on a six-month government spending bill just hours before a government shutdown was imminent, with the final tally reflecting 54 votes in favor and 46 against the bill. This precipitated rush among investors to purchase gold, driven by fears of an economic slowdown emanating from the U.S., which had a pronounced effect on gold prices.
Younis pointed out that the recent upward trend in gold prices over the past three months can be largely linked to former President Trump’s policies, particularly those regarding tariffs. He explained, “Should we observe a significant slowdown in economic activity across China, the United States, or Europe, we can expect gold prices to decline.” The expert cautioned that reaching the $3,000 mark may invoke profit-taking behavior among investors, likely leading to increased selling and consequently reducing prices further.
Addressing the ongoing conflict in Ukraine, Younis indicated that any prospect of a ceasefire between Russia and Ukraine could result in a short-term drop in gold prices; however, a subsequent rise could follow as market conditions stabilize.
Regarding the forecast for falling gold prices, Younis suggested that a target price could approximate $2,735, with potential further decline to $2,500 before any rebound occurs. Should the market turn favorable, he anticipates that prices could exceed the $3,000 threshold once again.
In the Kurdistan Region, gold prices have similarly increased, reflecting the broader trends in the market. The Kurdistan Regional Government (KRG) has recently announced the following gold prices:
| Gold Quality | Price (in local currency) |
|---|---|
| 24 Karat Gold | 715,000 |
| 22 Karat Gold | 655,000 |
| 21 Karat Gold | 630,000 |
| 18 Karat Gold | 535,000 |
