Gold prices in Baghdad and Erbil climbed sharply, reaching record highs across both markets. Traders, investors, and buyers reported strong activity and heightened demand. Analysts noted that both local and foreign factors contributed to the surge in prices.
In Baghdad’s wholesale market on Al-Nahr Street, one mithqal (4.25 grams) of 21-carat foreign gold — sourced from Gulf, Turkish, and European suppliers — sold at 743,000 dinars, up from 735,000 dinars the previous day. The buying gold prices in Baghdad Erbil price reached 739,000 dinars per mithqal. Market observers said fluctuations in global gold rates and changes in the dollar exchange rate directly affected these prices.
Local Iraqi gold also recorded significant gains. One mithqal of 21-carat Iraqi gold sold for 713,000 dinars, while the buying price stood at 709,000 dinars. Retail shops offered slightly higher rates, with 21-carat foreign gold priced between 745,000 and 755,000 dinars per mithqal. Iraqi gold ranged from 715,000 to 725,000 dinars per mithqal.
In Erbil, gold prices rose similarly. One mithqal of 22-carat gold sold for 773,000 dinars, 21-carat gold for 738,000 dinars, and 18-carat gold for 632,000 dinars. Market experts attributed the surge to higher demand, ongoing regional economic uncertainty, and the rising cost of imported gold.
The increase in gold prices affects both investors and everyday consumers. Jewelry shops reported strong interest despite higher costs. Many buyers are purchasing smaller quantities, while others are adjusting investment strategies to cope with rising prices.
Analysts predict gold will maintain elevated levels if regional and global markets continue to experience economic pressures. They recommend careful monitoring of exchange rates, international gold trends, and local market conditions to anticipate further fluctuations in Baghdad and Erbil.