Gold and Dollar Prices Decline in Iraq’s Baghdad and Erbil Markets

Prices of Iraqi and foreign gold fell in local markets in Baghdad and Erbil on Thursday morning, coinciding with a decline in the US dollar exchange rate during early trading.

According to Shafaq News, the selling price of one mithqal of 21-karat Gulf, Turkish and European gold in Baghdad’s wholesale markets on Al-Nahr Street reached 945,000 Iraqi dinars, while the buying price stood at 941,000 dinars, down from 958,000 dinars on Wednesday.

Meanwhile, 21-karat Iraqi gold recorded a selling price of 915,000 dinars per mithqal, with the buying price reaching 911,000 dinars.

At local goldsmith shops, the selling price of a mithqal of 21-karat Gulf gold ranged between 945,000 and 955,000 dinars, while Iraqi gold ranged between 915,000 and 925,000 dinars.

In Erbil, gold prices also declined, with 22-karat gold selling at around 990,000 dinars, 21-karat gold at 945,000 dinars, and 18-karat gold at approximately 809,000 dinars.

The decline in gold prices coincided with a drop in the dollar exchange rate. The Kifah and Harithiya exchanges in Baghdad recorded 156,800 dinars per $100, compared with 157,000 dinars on Wednesday.

The price of 21-karat gold in Iraq had previously surpassed 1 million dinars per mithqal for the first time in January, driven by the local pricing mechanism, which is closely linked to international ounce prices and foreign currency exchange rates in parallel markets.