Gold prices declined in Iraq on Thursday, reflecting weaker demand and market adjustments. In Baghdad and Erbil, the price per mithqal dropped compared with the previous session. Analysts said the fall was modest but noticeable for investors and traders.
In Baghdad, gold on Al-Nahr Street sold for 1.037 million IQD per mithqal for 21-carat Gulf, Turkish, and European varieties. The buying price reached 1.033 million IQD. This represents a decrease from Wednesday’s 1.073 million IQDselling price. Traders attributed the drop to short-term market corrections.
Local 21-carat Iraqi gold recorded a selling price of 1.007 million IQD and a buying price of 1.003 million IQD. Jewelry stores reported that 21-carat Gulf gold ranged from 1.040 million to 1.050 million IQD per mithqal, while Iraqi gold sold between 1.010 million and 1.020 million IQD. Analysts noted that these fluctuations reflect both supply availability and consumer demand.
In Erbil, gold prices followed a similar trend. Selling prices reached 1.130 million IQD per mithqal for 22-carat gold, 1.080 million IQD for 21-carat gold, and 925,000 IQD for 18-carat gold. Traders said that the slight decrease encouraged cautious buying among local investors.
Experts explained that gold prices often react to global market trends and domestic demand. When foreign gold supply increases, or local demand drops, prices fall. Political stability, currency value, and international gold rates also influence Baghdad and Erbil markets.
The lower gold trend provides temporary opportunities for small investors and jewelry buyers. Consumers seeking 21-carat or 22-carat gold could purchase at slightly reduced prices. However, analysts warned that prices remain volatile and may change quickly in response to global and regional economic conditions.
Traders in both cities emphasized that gold remains a popular investment in Iraq. Many buyers prefer gold as a hedge against inflation and currency fluctuations. Therefore, even minor price declines do not significantly reduce long-term demand.
Overall, Baghdad and Erbil gold markets continue reflecting both local and international influences. Prices may adjust further in the coming days based on demand, global trends, and economic signals. Market watchers advised monitoring daily rates for timely investment decisions.