Gold prices rise in Baghdad as gold prices remain stable in Erbil despite fluctuations in demand across both cities. On Monday, traders in Baghdad confirmed a modest increase in the price of gold compared to previous days. Meanwhile, jewelers in Erbil reported no changes, signaling market balance in the Kurdistan Region.
In Baghdad’s bustling al-Nahr Street, the price of one mithqal of 21-carat Gulf, Turkish, or European gold reached 666,000 dinars. The buying price stood slightly lower at 664,000 dinars. This marked a minor yet noticeable increase from earlier rates, where the same quantity cost 662,000 dinars.
Meanwhile, locally produced Iraqi gold also climbed in value. Sellers asked 636,000 dinars for a 21-carat mithqal, while buyers offered around 632,000 dinars. Despite the difference in origin, the demand for both Gulf and Iraqi gold remained strong. Baghdad retailers sold 21-carat Gulf gold for between 670,000 and 680,000 dinars per mithqal. Iraqi gold fetched between 640,000 and 650,000 dinars at jewelry counters.
In contrast, gold prices remained stable in Erbil. A mithqal of 22-carat gold sold for 696,000 dinars. The 21-carat version stood at 665,000 dinars. Additionally, 18-carat gold held steady at 570,000 dinars. Local gold traders in Erbil noted consistent prices throughout the week, pointing to balanced supply and demand.
Although gold prices rise in Baghdad, experts believe overall market trends will continue to reflect both regional and global influences. Currency fluctuations and consumer buying habits often shape short-term changes in value. However, Erbil’s market stability suggests limited pressure from either external or internal economic factors.
Retailers across Baghdad anticipate additional changes in pricing by next week. However, many believe that future increases will remain small. Seasonal demand plays a major role, especially during holidays and wedding seasons. Customers often adjust their purchases based on daily changes in rates.
Gold prices rise in Baghdad mainly due to slightly increased buying activity in major markets. Meanwhile, Erbil continues to offer stable prices and reliable access to high-quality gold products. Both cities remain key centers for gold trading in Iraq.