Surge in Gold Prices in Iraq
This Saturday morning, the local gold market in Baghdad and Erbil, the capital of the Kurdistan Region, observed a substantial increase in the prices of both foreign and Iraqi gold.
In the wholesale market along the River Evidence in Baghdad, the selling price for a single weight of 21-carat gold (from Gulf, Turkish, and European sources) registered at 621,000 Iraqi dinars, while the buying price stood at 617,000 dinars. This represents an increase from the previous sale price of 608,000 dinars.
For Iraqi gold specifically, the selling price for one weight of 21-carat was recorded at 591,000 dinars, with a purchasing price of 587,000 dinars.
Retail Gold Prices
Turning to retail outlets, the selling price for 21-carat Gulf gold in jewelry stores fluctuates between 625,000 and 635,000 dinars. For Iraqi gold, the price ranges from 595,000 to 605,000 dinars.
Gold Prices in Erbil
The upward trend in gold prices also prevailed in Erbil. Here, the selling prices were noted as follows:
- 24-carat gold: 706,000 dinars
- 22-carat gold: 674,000 dinars
- 21-carat gold: 618,000 dinars
- 18-carat gold: 530,000 dinars
Global Gold Market Trends
On an international scale, gold has reached a historic peak, surpassing $3,000 during the weekend. This surge has been attributed to growing concerns over trade tensions and anticipations surrounding potential reductions in interest rates by the Federal Reserve (U.S. Central Bank). The global price of gold per ounce escalated from $2,917 on March 11 to $3,005 by March 15.
This significant rise in gold prices, both locally and globally, reflects shifting economic dynamics and investor sentiment amid an evolving financial landscape.
