Gold prices saw a noticeable decline in Iraq this week, affecting both Baghdad and Erbil markets. This shift reflects broader trends in the Iraq gold market, which continues to react to demand and supply shifts across the country.
In Baghdad, prices for 21-carat gold dropped on Al-Nahr Street, one of the city’s main trading centers. The selling price reached 665,000 Iraqi dinars per mithqal, which equals five grams. This rate applied to Gulf, Turkish, and European gold. Buyers paid around 661,000 dinars for the same type.
Meanwhile, locally produced Iraqi gold traded at slightly lower prices. The selling rate stood at 635,000 dinars, while the buying rate came in at 631,000 dinars per mithqal. These price levels show a clear gap between imported and local gold, which is typical in the Iraq gold market.
Jewelry shops in Baghdad offered some variation in pricing. For 21-carat Gulf gold, prices ranged from 665,000 to 675,000 dinars. Iraqi gold ranged between 635,000 and 645,000 dinars. These numbers show that sellers adjust prices based on brand origin, purity, and market demand.
Erbil, the capital of the Kurdistan Region, also recorded lower prices. Here, 22-carat gold sold for 695,000 dinars per mithqal. For 21-carat gold, the price dropped to 663,000 dinars. Meanwhile, 18-carat gold sold at 568,000 dinars. These figures underline how gold prices in Erbil align with Baghdad’s trends but still vary slightly by carat type.
This dip in the Iraq gold market may reflect shifts in global prices or reduced local demand. Traders often adjust their rates based on international benchmarks and currency exchange rates. Even a small fluctuation in the U.S. dollar can impact local gold values.
The Iraq gold market remains sensitive to consumer buying habits, especially during seasonal events or holidays. With no major events reported this week, the lower prices likely stem from regular market shifts rather than external pressures.
Buyers and sellers in both cities will continue to monitor the situation. If demand rises again, prices may adjust quickly. For now, the Iraq gold market presents a better opportunity for consumers looking to invest in jewelry or gold savings.