Gold prices fell in both Baghdad and Erbil, reflecting a slight decline in Iraq’s precious metals market. According to a survey, the prices of gold decreased across multiple carats and varieties.
In Baghdad, 21-carat gold—including Gulf, Turkish, and European varieties—was sold at 776,000 IQD per mithqal (five grams), while the buying price reached 772,000 IQD. Meanwhile, 21-carat Iraqi gold recorded a selling price of 746,000 IQD, with a buying price of 742,000 IQD.
Jewelry stores reported that Gulf gold prices ranged between 780,000 and 790,000 IQD per mithqal. Iraqi gold in local stores sold slightly lower, from 750,000 to 760,000 IQD. Traders attributed this decrease to minor fluctuations in international gold rates and changes in local demand.
In Erbil, gold prices also fell across all key carats. The selling price for 22-carat gold reached 828,000 IQD per mithqal. Meanwhile, 21-carat gold sold at 790,000 IQD, and 18-carat gold at 677,000 IQD per mithqal. Local jewelers explained that the small drop reflected a temporary slowdown in purchases and adjustments to current market rates.
The recent decline comes after a period of relative stability in Iraq’s gold market. Despite this minor fall, gold continues to be a popular investment in both Baghdad and Erbil. Experts note that gold remains a key hedge against inflation and currency fluctuations.
Market observers advise buyers and sellers to watch price trends closely, as daily changes depend on international rates, currency movements, and local trading activity. Analysts expect gradual corrections over the coming weeks, with potential small adjustments in both Iraqi and Gulf gold prices.
Gold remains a trusted asset for many Iraqis, and while prices have dipped slightly, demand is expected to continue steadily, reflecting the enduring value of the metal in the country’s economy.