Gold prices drop sharply in Iraq has become the key concern for both sellers and buyers. Throughout the major cities of Baghdad and Erbil, the rates of both local and foreign gold have shown noticeable declines.
In Baghdad, traders observed a significant fall in gold prices at the wholesale markets on al-Nahr Street. The cost of one mithqal of 21-carat gold—sourced from the Gulf, Turkey, and Europe—slipped to 650,000 IQD. Just days earlier, it stood at 657,000 IQD. Meanwhile, the buying price dropped to 646,000 IQD, indicating a continued market shift.
Similarly, the price for 21-carat Iraqi gold also decreased. It sold at 630,000 IQD per mithqal, while the buying price settled at 626,000 IQD. This decline marks a trend that many retailers across the capital are now closely monitoring.
Retail prices in Baghdad followed this downward movement. Gulf-origin 21-carat gold ranged from 650,000 to 660,000 IQD per mithqal. At the same time, Iraqi-made 21-carat gold varied between 630,000 and 640,000 IQD. These slight variations depend on the specific shop and quality of craftsmanship.
However, the gold prices drop sharply in Iraq was not limited to Baghdad. In the northern city of Erbil, market activity reflected a similar trend. Here, the selling price for 22-carat gold stood at 683,000 IQD per mithqal. Meanwhile, 21-carat gold dropped to 652,000 IQD, and 18-carat gold reached a lower point of 558,000 IQD.
As these numbers suggest, both cities have experienced noticeable price adjustments. This ongoing trend may influence consumer behavior in the short term. Some buyers may rush to purchase while rates are low, while others might hold out, expecting further declines.
Moreover, sellers are recalculating their strategies. Many gold traders are now more cautious, adjusting stock levels and promotions. This helps them reduce losses during this continued drop in value.
Overall, this consistent gold prices drop in Iraq could affect seasonal buying patterns, especially for weddings and gifts. Iraqis often turn to gold as a traditional store of wealth, so any price shift draws attention quickly.