Gold Price Declines Significantly Amid Market Reactions
The price of gold experienced a notable decrease, with a drop of 25,000 dinars per gram reported today.
According to Abdullah Akram, the deputy president of the Erbil Jewels Union, the current price for 1 gram of 21-carat gold stands at 600,000 dinars. This marks a shift from the prior week’s price of 625,000 dinars.
The current pricing for various gold karats is as follows:
| Gold Karat | Price (Dinars) |
|---|---|
| 21 Carat | 600,000 |
| 22 Carat | 628,000 |
| 24 Carat | 685,000 |
| 18 Carat | 515,000 |
Just last week, the prices were recorded at 625,000 dinars for 21 carat, 655,000 dinars for 22 carat, and 715,000 dinars for 24 carat. These fluctuations highlight the volatility within the market.
Akram identified several factors contributing to this decline, particularly noting the implications of recent trade policy announcements from the Trump administration regarding gold customs regulations. This announcement has prompted many traders to liquidate their gold holdings, leading to the downward pressure on prices.
He mentioned that there was a slight decline observed yesterday, but the market’s opening today triggered a more pronounced and unexpected drop.
