Gold prices descend in Baghdad and Erbil

Gold prices descend in Baghdad and Erbil

Shafaq News / The prices of gold, both foreign and Iraqi, decreased in the local markets in Baghdad and Erbil, the capital of the Kurdistan Region, on Monday.

our correspondent reported that the gold prices in the wholesale markets on Al-Nahr Street in Baghdad recorded this morning a selling price per mithqal (equals five grams) for 21-carat gold for Gulf, Turkish, and European gold of 430,000 IQD, with a buying price of 426,000 IQD.

The selling price per mithqal of 21-carat Iraqi gold was recorded at 400,000 IQD, while the buying price was 396,000 IQD.

Regarding the prices of gold in jewelry shops, the selling price of a mithqal of 21-carat Gulf gold ranged between 435,000 and 445,000 IQD, while the selling price of Iraqi gold ranged between 405,000 and 415,000 IQD.

As for the gold prices in Erbil, the selling price of a mithqal of 24-carat gold was recorded at 502,000 IQD, 22-carat gold at 462,000 IQD, 21-carat gold at 442,000 IQD, and 18-carat gold at 382,000 IQD.

Globally, gold prices inched lower on Monday pressured by a gaining US dollar. Still, bullion's losses were cushioned as growing tensions in the Middle East supported the safe-haven near last session's over two-week highs.

Spot gold was down 0.2% at $2,032.3 per ounce. US gold futures edged 0.4% lower to $2,041.5 per ounce.

In other metals, spot platinum was down 0.9% at $892.08 per ounce and palladium fell 0.9% to $962.50. Silver lost 0.5% to $22.79 per ounce, as reported by Reuters.

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