Gold prices in Erbil experienced subtle changes, with demand and supply continuing to guide the local jewelry market. Buyers and sellers adjusted their strategies as current price levels reflected consistent consumer interest. Despite global economic fluctuations, traders in the city maintained relatively balanced rates.
Jewelry stores in Erbil listed 22-carat gold at 684,000 IQD per mithqal, reflecting ongoing trust in high-purity options. Meanwhile, 21-carat gold stood at 653,000 IQD, marking it as the preferred choice for many households. Furthermore, 18-carat gold reached 560,000 IQD, often favored for daily wear and budget-conscious buyers.
Gold prices in Erbil typically respond to broader market forces, including global ounce rates, demand from local weddings, and holiday seasons. Additionally, traders closely track currency exchange trends, especially the US dollar’s performance against the Iraqi dinar, as it directly affects import costs.
This week, gold prices in Erbil showed stability, although dealers anticipate minor shifts based on upcoming events or geopolitical news. Many local goldsmiths noted that customers continue to choose mid-range purity due to better affordability and resale value. However, some investors still prefer 22-carat pieces for long-term storage and security.
Gold prices in Erbil also vary slightly between neighborhoods depending on supply chains and store-specific markups. Established retailers in the city center often post slightly higher rates compared to shops in suburban markets. However, these differences remain marginal, ensuring fair access across districts.
Economic analysts believe that consistent demand and controlled inflation have helped maintain current levels. Even though prices dipped earlier in the season, steady purchases by jewelers and wholesalers helped support overall pricing. Gold remains one of the safest investment options during times of economic uncertainty.
The jewelry market in Erbil remains a significant sector within Iraq’s retail economy. Hundreds of businesses rely on gold sales for income, while customers often turn to gold as both an asset and a traditional gift. With wedding season ongoing, shops across the city expect sustained foot traffic.
Officials from the Kurdistan Region continue to monitor economic indicators, including gold prices, as part of broader efforts to track inflation and consumer confidence. By observing price changes weekly, the government can assess the strength of household purchasing power.