Gold prices continued to drop in Iraq, marking a fresh decline in Baghdad and Erbil markets. Iraq gold prices showed a downward trend across various types and karats. This decline affected both buyers and sellers, especially in two of Iraq’s major gold hubs.
In Baghdad, Iraq gold prices for 21-carat gold dropped slightly. On Al-Nahr Street, one of the capital’s busiest trading areas, 21-carat gold of Gulf, Turkish, and European origin sold at 650,000 Iraqi dinars per mithqal. This unit equals five grams. Buyers could purchase the same gold at 646,000 dinars, reflecting a small but noticeable decrease.
Meanwhile, Iraqi-made 21-carat gold saw even lower prices. It sold for 620,000 dinars and bought for 616,000 dinars. This price range highlights the gap between locally-produced and imported gold. Jewelry shops followed this trend, with Gulf 21-carat gold ranging between 650,000 and 660,000 dinars. On the other hand, Iraqi 21-carat gold in these stores traded between 620,000 and 630,000 dinars.
Further north, the Erbil market also reflected the countrywide dip in Iraq gold prices. The most expensive option in Erbil was 22-carat gold, which sold for 686,000 dinars. Following closely, 21-carat gold stood at 655,000 dinars. Lower-quality 18-carat gold fetched 562,000 dinars per mithqal, showing a notable gap between karat levels.
Market experts and local traders link the drop in Iraq gold prices to global fluctuations in precious metals. Many buyers in Iraq respond quickly to global shifts, especially with increasing demand during certain seasons. However, recent consumer behavior has leaned toward caution. As a result, sellers are adjusting rates to stimulate activity.
Even though the difference in prices between Baghdad and Erbil remains slight, competition remains high. Traders in both cities are watching market trends carefully. Some hope for a rebound in gold prices soon. Others believe that rates may fall further if global markets remain unstable.
Overall, Iraq gold prices are under close observation. Both investors and ordinary shoppers are adjusting their plans based on these changes. As the market continues to shift, many are holding off on purchases, waiting for the right moment.