Gold prices dropped in Baghdad and Erbil markets on Wednesday, reflecting weaker demand and regional market trends. Traders and analysts observed cautious buying and minor adjustments in local rates, signaling a slight slowdown in market activity.
Baghdad’s Al-Nahr Street recorded a selling price of 785,000 IQD per mithqal (five grams) for 21-carat gold, including Gulf, Turkish, and European varieties. Buyers paid 781,000 IQD per mithqal. For 21-carat Iraqi gold, sellers offered 755,000 IQD, while buyers paid 751,000 IQD.
Jewelry stores across Baghdad sold 21-carat Gulf gold at prices ranging from 790,000 to 800,000 IQD per mithqal, with Iraqi gold slightly lower, between 760,000 and 770,000 IQD per mithqal. Market watchers noted that international gold rates, local demand, and currency exchange trends significantly influence fluctuations in Iraq gold prices.
In Erbil, gold prices also dropped slightly. Traders reported that 22-carat gold sold at 833,000 IQD per mithqal, while 21-carat gold reached 795,000 IQD, and 18-carat gold was priced at 682,000 IQD per mithqal. These small declines reflect conservative market behavior amid cautious buying.
Analysts said the recent drop in Iraq gold prices aligns with global gold trends, as investors react to changing international bullion rates. Local markets remain sensitive to currency shifts and regional economic developments, which directly impact pricing for both jewelry and investment purposes.
The decline in Iraq gold prices affects retailers and consumers alike. Small changes in rates influence jewelry costs and investment decisions, yet gold continues to be a trusted store of value. Amid economic uncertainty and currency fluctuations, many Iraqis still consider gold a safe asset and a hedge against financial instability.