On Wednesday, gold prices in Baghdad and Erbil moved in different directions. While Baghdad saw stable prices, Erbil recorded a slight increase across most gold varieties.
According to market reports, the price of 21-carat gold on Baghdad’s Al-Nahr Street stood at 662,000 IQD per mithqal. This rate applied to Gulf, Turkish, and European gold. Buyers offered 658,000 IQD for the same gold type.
Meanwhile, the price of 21-carat Iraqi gold in Baghdad reached 632,000 IQD per mithqal. Buyers paid slightly less, at 628,000 IQD per mithqal. These prices stayed consistent throughout the day.
Across jewelry shops in Baghdad, 21-carat Gulf gold ranged between 665,000 and 675,000 IQD. Iraqi gold was available at a slightly lower range, between 635,000 and 645,000 IQD. These prices give shoppers a variety of options depending on origin and quality.
However, gold prices in Baghdad and Erbil did not follow the same pattern. In Erbil, gold values showed a modest upward trend. For example, 22-carat gold sold at 695,000 IQD per mithqal. The 21-carat variety reached 665,000 IQD, slightly higher than Baghdad’s price.
Additionally, 18-carat gold in Erbil sold for 570,000 IQD. This shows that in Erbil remain more expensive compared to Baghdad, especially for higher-purity types.
Several factors could explain the regional variation. Local demand, supplier availability, and currency exchange conditions all influence the price differences between Baghdad and Erbil.
Jewelry traders expect demand to rise as wedding season approaches. Moreover, price shifts can also reflect changes in global gold markets or fluctuations in the US dollar.
Customers in Iraq usually choose between Gulf, Turkish, and Iraqi gold based on both price and cultural preferences. Gulf and Turkish gold often command higher prices due to design and finishing.
Market watchers continue to track gold prices in Baghdad and Erbil closely. Even small movements can influence buying habits, especially for bulk buyers and investors.