Gold Prices Surge in Iraq’s Capital and Erbil
On February 1, 2025, gold prices for both foreign and Iraqi varieties experienced a notable rise in the local markets of Baghdad and Erbil, the capital of the Kurdistan Region. This increase marks a significant milestone, pushing gold prices to new historical highs across the country.
According to market data, the wholesale price of 21-carat gold from Gulf, Turkish, and European sources in Baghdad’s River Market reached 595,000 dinars for selling and 591,000 dinars for purchasing. In comparison, the selling price for 21-carat Iraqi gold was recorded at 565,000 dinars, with a purchasing price of 561,000 dinars.
In goldsmith stores, the selling prices for 21-carat Gulf gold ranged between 595,000 and 605,000 dinars, while Iraqi gold sales fell between 565,000 and 575,000 dinars.
In Erbil, gold prices also saw upward movement. The selling prices for various carats were as follows: 24-carat gold reached 672,000 dinars; 22-carat gold, 616,000 dinars; 21-carat gold, 588,000 dinars; and 18-carat gold, 504,000 dinars.
The recent trends in gold prices reflect a broader economic shift, which stakeholders and investors are keenly monitoring as they consider the implications for the economy and investment opportunities within the region.
Summary of Gold Prices
Gold Type | Baghdad (Selling Price) | Baghdad (Buying Price) | Erbil (Selling Price) |
---|---|---|---|
21-Carat Foreign Gold | 595,000 dinars | 591,000 dinars | 588,000 dinars |
21-Carat Iraqi Gold | 565,000 dinars | 561,000 dinars | N/A |
24-Carat Gold | N/A | N/A | 672,000 dinars |
22-Carat Gold | N/A | N/A | 616,000 dinars |
18-Carat Gold | N/A | N/A | 504,000 dinars |
With gold prices rising to unprecedented levels, market participants are navigating an evolving landscape that presents both challenges and opportunities for investment within Iraq’s dynamic economy.