Shafaq News / Gold prices, both foreign and local, experienced a notable increase, on Thursday, in the local markets of Baghdad and Erbil, the capital of the Kurdistan Region, at a time when several goldsmiths attributed this rise to the increase of the dollar and the ounce of gold globally.
According to Shafaq News Agency’s correspondent, in the wholesale markets of al-Nahar Street in Baghdad, the selling price of one mithqal (equivalent to five grams) of 21-carat Gulf, Turkish, and European gold reached 428,000 Iraqi dinars, while the buying price settled at 424,000 Iraqi dinars. This represents a significant rise compared to the previous day's selling price of 423,000 dinars per mithqal.
Our correspondent also pointed out that the selling price of one mithqal of 21-carat Iraqi gold also increased to 398,000 dinars, while the buying price reached 394,000 dinars.
Regarding individual gold selling prices in jewelry stores, the selling price of one mithqal of 21-carat Gulf gold ranged between 435,000 and 445,000 dinars. On the other hand, the selling price of one mithqal of 21-carat Iraqi gold varied between 405,000 and 415,000 dinars.
In Erbil, gold prices also witnessed an upswing, with the selling price of one mithqal of 24-carat gold reaching 500,000 dinars, and 22-carat gold selling at 460,000 dinars per mithqal. Meanwhile, the selling price of one mithqal of 21-carat gold was 440,000 dinars, and 18-carat gold was sold at 380,000 dinars.
Wissam al-Araji, a goldsmith, told Shafaq News Agency that the rise in the gold is due to the rise in dollar prices locally and the rise of an ounce of gold globally during the current week, which amounted to 1977 dollars per ounce.
He stressed "the great demand for the purchase of gold by citizens to store it due to the instability of the dollar locally," noting that "gold prices rose during the current week by about 20,000 dinars."
"Italian and Gulf gold outsell Iraqi gold because of their beautiful designs."