Gold prices declined across both Baghdad and Erbil, reflecting a broader market adjustment influenced by global and local factors. Traders in the capital and the Kurdistan Region noted the price dip for various gold types, including Gulf, Turkish, European, and local Iraqi varieties. This latest shift signals potential changes in consumer demand and international gold market movements.
In Baghdad’s main gold hub on Al-Nahr Street, the selling price of 21-carat gold dropped to 651,000 IQD per mithqal (approximately five grams). This rate covered gold sourced from Gulf countries, Turkey, and European suppliers. The buying price settled slightly lower at 647,000 IQD, giving both vendors and consumers a narrow trading margin.
Meanwhile, the price of locally crafted 21-carat Iraqi gold stood even lower. Sellers offered it at 621,000 IQD per mithqal, while buyers paid around 617,000 IQD. This price difference reflects variations in craftsmanship, purity, and origin. The locally produced gold often appeals to buyers seeking more affordable options.
Jewelry stores in Baghdad presented slightly different pricing depending on the source of the gold. The 21-carat Gulf gold ranged between 655,000 and 665,000 IQD per mithqal, highlighting retailer markup and quality differences. For Iraqi gold, the range moved between 625,000 and 635,000 IQD per mithqal, offering a cost-effective alternative to imported varieties.
In Erbil, gold prices mirrored the downward trend. The selling price for 22-carat gold reached 684,000 IQD per mithqal, a slight drop compared to previous weeks. Meanwhile, 21-carat gold sold for 653,000 IQD, and 18-carat gold reached 560,000 IQD per mithqal. These changes followed similar market pressures seen in Baghdad.
The consistent drop in gold prices in Baghdad and Erbil could attract more buyers, especially those planning purchases for weddings or investments. However, some traders noted caution among customers, who may delay large purchases in hopes of further price reductions.
Both Baghdad and Erbil remain key gold trading hubs in Iraq, with fluctuations often reflecting broader economic conditions. These updated rates provide insight for buyers tracking gold as a financial asset or cultural necessity.