Kurdistan's gold prices skyrocket on world turmoil

Shafaq News/ Gold prices in the Kurdistan Region, including Al-Sulaymaniyah Province have surged in recent days, driven by global economic and geopolitical factors, a gold market spokesperson told Shafaq News.

Salar Omar, spokesperson for the goldsmiths' market in the province, said local factors had minimal impact on prices, attributing the rise to three key reasons.

“The first is the economic crisis affecting some European countries, which has directly impacted global markets,” Omar explained.

He cited ongoing conflicts, including the war in Ukraine and the Israeli-Palestinian war in Gaza, as the second factor, alongside statements by US President Joe Biden and threats directed at certain individuals, which have heightened market instability.

“The third reason is the monetary policies of the US and European central banks, which have pushed more dollars into global markets, leading to a significant increase in gold prices,” he added.

As of Thursday, the price of 21-carat gold in AL-Sulaymaniyah reached 610,000 Iraqi dinars per mithqal (4.25 grams), while 18-carat gold stood at 525,000 dinars.

In Erbil, the selling price for 21-carat gold was 615,000 IQD, and 18-carat gold was 527,000 IQD.