Gold prices surge across Iraq as Baghdad and Erbil markets recorded strong gains on Monday. The rise follows global economic developments and high investor demand.
In Baghdad’s Al-Nahr Street market, wholesale 21-carat Gulf, Turkish, and European gold reached 965,000 Iraqi dinars per mithqal, roughly five grams. Buying prices increased to 961,000 dinars, up from 945,000 dinars on Sunday.
Iraqi 21-carat gold also climbed. Selling prices hit 935,000 dinars per mithqal, while buying prices rose to 931,000 dinars. Retail jewelry shops reflected the increase, with Gulf gold priced between 965,000 and 975,000 dinars. Iraqi gold ranged from 935,000 to 945,000 dinars.
In Erbil, gold saw sharp gains as well. The market reported 22-carat gold at 1.001 million dinars per mithqal. The 21-carat type sold for 974,000 dinars, and 18-carat for 833,000 dinars. Traders linked the surge to strong local demand and global market factors.
Analysts say gold often rises during economic uncertainty. Iraq’s markets respond to regional instability, currency fluctuations, and international price trends. These factors influence both wholesale and retail trade.
Traders noted that the current levels attract buyers across all segments. Wholesale and retail activity is expected to increase, particularly in Baghdad, the central hub of Iraq’s gold trade.
Gold also remains a hedge against inflation in Iraq. Rising dinar volatility makes precious metals a safe investment for individuals and businesses.
Economists predict gold prices may stay high if regional tensions persist. International metal market volatility could further support elevated local prices.
The latest spike highlights gold’s role as a safe-haven asset. Gold prices surge in Iraq, showing investor confidence and reflecting broader economic dynamics.
Furthermore, jewelers are adjusting their stock strategies. Many shops plan to increase inventory to meet growing consumer interest in gold.
Financial experts warn buyers to monitor the market closely. Rapid price swings may affect both short-term investment and long-term savings.
Additionally, market watchers note a regional impact. Gold prices in neighboring Kurdistan and other Iraqi governorates often follow Baghdad and Erbil trends. This creates a synchronized movement across the country.
