gold prices in Baghdad and Erbil dropped across major Iraqi cities, bringing mixed reactions from traders and buyers. The new rates affected both imported and local varieties.
On Wednesday, the gold prices in Baghdad and Erbil saw clear decreases. Market observers noticed this shift on Al-Nahr Street, Baghdad’s main gold hub.
There, 21-carat gold of Gulf, Turkish, and European origin sold for 643,000 Iraqi dinars per mithqal. The mithqal equals five grams. Buyers could offer 639,000 IQD to purchase the same gold.
Meanwhile, local 21-carat Iraqi gold had lower prices. Sellers offered it at 613,000 IQD, while buyers paid about 609,000 IQD per mithqal. These prices marked a drop compared to earlier market figures.
Additionally, gold shops showed slightly different prices. Gulf gold sold between 645,000 and 655,000 IQD per mithqal. Iraqi gold ranged from 615,000 to 625,000 IQD, depending on the shop.
In Erbil, the situation followed a similar pattern. The selling price for 22-carat gold reached 686,000 IQD per mithqal. For 21-carat gold, shops charged about 655,000 IQD. Lastly, 18-carat gold sold at 560,000 IQD per mithqal.
These new gold prices in Baghdad and Erbil reflect global market shifts and local supply trends. Many factors caused the price change, including global demand, currency rates, and local purchasing activity.
Moreover, shop owners noted that fewer buyers visited their stores. They linked the drop in demand to economic uncertainty and family budget concerns. Although prices went down, many people still delayed purchases.
However, gold remains a popular investment in Iraq. It holds value and offers stability during uncertain times. Even with price drops, many Iraqis prefer to save money in gold.
Retailers also confirmed that high-carat gold still attracts serious buyers. Some customers took the chance to buy before prices rise again. They wanted to secure wedding gifts or save for the future.
The decline in gold prices in Baghdad and Erbil may continue if current trends hold. Experts say more fluctuations could appear soon.
In conclusion, gold traders now watch markets closely. Buyers and sellers both hope for more stable pricing in the coming weeks.