Gold Prices Surge in Baghdad and Erbil Amid Global Market Instability
On February 11, 2025, gold prices in the local markets of Baghdad and Erbil have reached new highs, reflecting a significant increase driven by global market trends and heightened investor demand for safe-haven assets.
In Baghdad’s wholesale markets, the price of one weight of 21-carat Gulf, Turkish, and European gold was reported at 618,000 dinars for sales, while the purchase price stood at 614,000 dinars. In contrast, the price for one weight of 21-carat Iraqi gold was noted at 588,000 dinars for sales and 584,000 dinars for purchases.
In retail goldsmith stores, the pricing for 24-carat Gulf gold ranged between 705,000 dinars and 647,000 dinars. Iraqi gold remained slightly lower, selling between 590,000 and 580,000 dinars.
Erbil witnessed a similar upward trend, with 24-carat gold priced at 705,000 dinars. The 22-carat variant was available for 647,000 dinars, 21-carat gold at 618,000 dinars, and 18-carat gold at 539,000 dinars.
Gold prices have spiked to a standard level as investors seek shelter amidst geopolitical uncertainties. The recent announcement of new customs duties, set at 25 percent on steel and aluminum imports by the U.S. government, has fueled concerns over a potential trade war and rising inflation.
In global markets, gold rose by 1.1 percent in instant transactions, reaching $2,939.80 an ounce at 02:29 GMT, following an earlier high of $2,942.70 during the trading session. U.S. gold futures mirrored this increase, also rising by 1.1 percent to $296.00 an ounce.
These developments mark the eighth instance of gold reaching a standard level this year, a trend driven primarily by fears stemming from U.S. tariff threats, which have escalated uncertainties regarding global economic growth and inflationary pressures. Traditionally, gold has been viewed as a hedge against economic and political instability, and this latest wave of tariff threats has spurred a renewed rush towards purchasing gold, pushing its value closer to the noteworthy $3,000 marker.
In conclusion, as global economic conditions continue to evolve, monitoring gold prices and the associated factors influencing them remains crucial for investors and market analysts alike.
