Gold prices in Iraq remained steady in Baghdad on Thursday while falling slightly in Erbil, according to market surveys. Analysts said regional demand and currency fluctuations influenced the market.
In Baghdad, gold on Al-Nahr Street sold for 1.120 million IQD per mithqal for 21-carat Gulf, Turkish, and European varieties. Buyers paid 1.116 million IQD per mithqal.
Iraqi 21-carat gold in Baghdad sold for 1.090 million IQD, with purchase prices at 1.086 million IQD. Meanwhile, jewelry stores offered Gulf gold between 1.120 million and 1.130 million IQD per mithqal. Iraqi gold prices ranged from 1.090 million to 1.100 million IQD.
In contrast, Erbil saw a slight decline in gold prices in Iraq. 22-carat gold sold at 1.159 million IQD per mithqal, 21-carat at 1.106 million IQD, and 18-carat at 949,000 IQD. Traders attributed the drop to local market supply and reduced demand.
Market analysts explained that fluctuations in the Iraqi dinar and U.S. dollar affected gold prices in Iraq. In addition, regional investor interest in precious metals influenced daily trading activity.
Meanwhile, jewelry merchants reported steady foot traffic in Baghdad. Buyers favored Gulf and Turkish gold due to higher perceived quality, while Iraqi gold remained popular among local investors.
Financial experts warned that global economic trends could affect gold prices in Iraq in the coming weeks. Rising inflation or geopolitical tensions in the Gulf may push prices higher. Conversely, lower demand or currency stability could stabilize the market.
In addition, gold exporters noted that cross-border trade plays a role in price differences between Baghdad and Erbil. Supply constraints and transportation costs can create minor variations in market rates.
Overall, gold prices in Iraq are maintaining resilience in Baghdad despite minor declines in Erbil. Analysts recommend that traders monitor daily movements and currency fluctuations closely.
In conclusion, gold prices in Iraq reflect the combined impact of regional demand, local supply, and currency trends. Investors are advised to track market developments for informed trading decisions.
