Gold prices fell slightly on Saturday in both Baghdad and Erbil, reflecting cautious buying trends. The Iraq gold market price continues to shift with changes in demand and regional trading activity.
According to a market survey, Baghdad’s Al-Nahr Street wholesale market reported lower prices across several gold categories. The price of 21-carat gold—originating from Gulf, Turkish, and European sources—dropped to 652,000 Iraqi dinars per mithqal (around five grams). The buying rate stood at 648,000 dinars.
Locally produced Iraqi gold also saw a dip. One mithqal of 21-carat Iraqi gold sold for 622,000 dinars, while the buying price was 618,000. These figures point to a slight downward movement in prices since the previous week.
In Baghdad’s jewelry shops, retail prices varied. The selling price for 21-carat Gulf gold ranged from 655,000 to 666,000 dinars per mithqal. Meanwhile, 21-carat Iraqi gold sold between 625,000 and 635,000 dinars. Jewelers noted slow demand despite competitive pricing.
In Erbil, similar price shifts were observed. The selling price for 21-carat gold was listed at 648,000 dinars per mithqal. For 18-carat gold, the selling price reached 555,000 dinars, also showing a minor decline.
Traders attribute the slight drop in the Iraq gold market price to stable exchange rates and cautious consumer sentiment. With the Iraqi dinar gaining marginally against the dollar, imported gold became slightly cheaper. Buyers are also watching international markets for further cues.
Despite this dip, gold remains a favored store of value in Iraq. Many residents turn to gold to protect savings, especially during economic uncertainty. Market experts say that pricing trends will continue to fluctuate with global gold rates and local currency performance.
Retailers expect steady interest in the weeks ahead as wedding season boosts demand. However, any major shift in exchange rates or global gold prices could quickly influence local market behavior.
For now, the Iraq gold market price reflects mild downward pressure, offering a potential buying opportunity for shoppers looking to invest in jewelry or bullion.