Gold prices in the Kurdistan Region have risen unexpectedly, catching traders and buyers off guard. A member of the Erbil Goldsmiths Union said, “Each ounce of 21-carat gold rose by $21.”
This surge follows a recent cut in the U.S. central bank rate, which influenced global gold prices. Analysts say the move triggered a ripple effect, raising demand and pushing local prices higher.
Safin Warti, a member of the Erbil Goldsmiths Union, explained, “Gold prices changed rapidly. Each ounce rose by $21, and each mithqal increased by 5,000 dinars. The U.S. dollar rate also rose by 200 dinars.”
Current gold prices in Erbil are: one mithqal of 22-carat gold at 775,000 dinars, one mithqal of 21-carat gold at 740,000 dinars, and one mithqal of 18-carat gold at 635,000 dinars.
The market now trades one ounce of gold at $3,658, reflecting increased demand and global influences. The sharp rise is affecting both buyers and sellers, as many try to adjust quickly to the new prices.
Traders advise customers to monitor the market closely before making purchases, as prices may continue to fluctuate. Experts suggest that global economic changes and currency shifts will likely influence future gold prices in the Kurdistan Region.