Gold prices drop slightly in Iraq, with noticeable changes in both Baghdad and Erbil. The market saw lower rates for various types of gold, affecting both buyers and sellers across the country.
In Baghdad, gold trading on Al-Nahr Street opened with reduced prices. The selling price for 21-carat gold from Gulf, Turkish, and European sources stood at 678,000 Iraqi dinars per mithqal. At the same time, the buying rate was 674,000 dinars. This shows a small but steady decline compared to previous sessions.
Meanwhile, Iraqi-made 21-carat gold sold for 648,000 dinars per mithqal. Buyers could purchase it for 644,000 dinars. These rates reflect local production costs and shifting demand in Baghdad’s jewelry market.
Gold prices drop in Iraq also affected jewelry shops across the capital. Stores offered 21-carat Gulf gold between 680,000 and 690,000 dinars per mithqal. Locally produced gold ranged from 650,000 to 660,000 dinars. These figures suggest competitive pricing as traders adjust to market changes.
In Erbil, the capital of the Kurdistan Region, the drop in prices followed the same pattern. The selling price for 22-carat gold was 705,000 dinars per mithqal. For 21-carat gold, the rate dropped to 673,000 dinars, while 18-carat gold reached 576,000 dinars. These prices mirror broader national trends.
Traders attribute the dip in prices to international gold market changes and local buying behavior. Many customers now buy in smaller quantities. Others wait for further declines before making purchases.
Gold prices drop in Iraq due to both global and local influences. International gold markets continue to fluctuate, often in response to interest rates, currency values, and economic uncertainty. In Iraq, gold remains a popular store of value, especially during inflation or currency shifts.
Despite the recent decrease, gold trading remains active. Jewelry stores continue to attract customers seeking investment or personal use. Sellers now focus on offering competitive prices and better craftsmanship to retain business.
In conclusion, gold prices drop in Iraq as market conditions evolve. Buyers should stay alert to changes, while traders must respond quickly to stay competitive.