Gold prices continued their upward trend in Erbil, driven by global developments and market reactions. Traders noted increased activity in local shops and jewelry stores.
Safin Warti, a member of the Erbil Goldsmiths Syndicate, mentioned that gold prices rose steadily this week. On Wednesday, a mithqal of gold equivalent to 23 thousand or one ounce reached $135, reflecting market responses to comments from U.S. President Donald Trump. Analysts say these statements influenced buying behavior and created noticeable shifts in the gold market.
In Erbil markets today, prices per mithqal were as follows: 22-carat gold sold for 825,000 Iraqi dinars, 21-carat gold for 788,000 dinars, and 18-carat gold for 675,000 dinars. Jewelry shops noted small variations depending on the origin and quality of gold, including Gulf, Turkish, and European types.
Additionally, one ounce of gold in local markets traded at $3,895, attracting both investors and small-scale buyers. Traders explained that the increase reflects both international factors and growing local demand.
Market watchers expect prices to remain sensitive to global trends and local economic conditions. Gold continues to serve as a reliable investment and store of value in Iraq, especially for individuals seeking protection against currency fluctuations.
Experts advise buyers to monitor daily prices, noting that even small announcements from international leaders can quickly affect local gold rates. The Erbil market remains active, with both sellers and buyers closely tracking changes.