Gold prices surge in Baghdad and Erbil on Monday, reflecting increased market demand and global price movements. Traders and investors closely monitored rates as both cities experienced notable fluctuations.
In Baghdad, Al-Nahr Street recorded a selling price of 877,000 IQD per mithqal (five grams) for 21-carat gold, covering Gulf, Turkish, and European varieties. The buying price reached 873,000 IQD. Meanwhile, 21-carat Iraqi gold was sold at 847,000 IQD, with a buying price of 843,000 IQD.
Jewelry stores in Baghdad reported higher prices for 21-carat Gulf gold, ranging between 880,000 and 890,000 IQD per mithqal. Iraqi gold prices varied from 850,000 to 860,000 IQD. These variations indicate increasing investor interest in foreign gold varieties alongside domestic products.
In Erbil, gold prices also rose, with 22-carat gold sold at 910,000 IQD per mithqal. The selling price of 21-carat gold reached 868,000 IQD, while 18-carat gold sold for 745,000 IQD per mithqal. Jewelry shop owners cited rising demand as a key factor behind the price increases.
Market analysts note that gold prices surge when local currency fluctuations, global market trends, and investor activity converge. Many residents and investors in Iraq turn to gold as a secure asset amid economic uncertainty. Consequently, both Baghdad and Erbil saw increased buying and selling activity in local gold markets.
Experts also highlighted that Gulf and European gold varieties often fetch higher prices due to perceived quality and investment demand. This trend contributes to the growing gap between domestic and imported gold rates.
Looking ahead, analysts expect gold prices to remain volatile in Baghdad and Erbil. Factors such as international gold trends, currency stability, and local demand will continue to influence market fluctuations. Investors are advised to monitor daily rates closely and plan purchases strategically.
The surge in gold prices reflects a broader regional pattern, where precious metals act as a hedge against economic instability and currency depreciation. Local traders remain optimistic about continued market activity, particularly for higher-carat gold.
