Gold prices in Iraq remained steady due to the stable exchange rate of the dollar. Markets across the Kurdistan Region saw minimal changes in rates, even as buyers monitored daily trends closely. The stability of gold prices reflects the broader influence of the foreign currency market on local trading.
Traders in Erbil confirmed that the fixed dollar rate played a major role in maintaining gold values. Safin Warti, a member of Erbil’s Goldsmith Syndicate, explained that prices stayed unchanged over the weekend due to the global market closure. He added that any future rise or fall in the dollar’s value could change gold prices by 2,000 to 3,000 dinars per mithqal.
Warti emphasized that the dollar’s influence continues to shape Iraq’s precious metals trade. The gold prices depend heavily on international factors and local dollar movements. As a result, buyers and sellers both watch the currency market before making major transactions.
Today’s price breakdown shows a clear picture of current trends. One mithqal of 22-carat gold reached 692,000 dinars. Meanwhile, 21-carat gold stood at 660,000 dinars per mithqal. Buyers seeking more affordable options found 18-carat gold available at 565,000 dinars per mithqal. Internationally, one ounce of gold traded at $2,337.
Local jewelry stores adjusted their displays but reported steady customer interest. Many customers purchase gold as a long-term investment or for cultural reasons. The gold prices also rise during wedding seasons or public holidays.
Gold traders across the region remain cautious. They avoid sudden price shifts by linking their daily rates to global markets and local currency indicators. Experts predict that any rapid dollar fluctuations could quickly impact jewelry prices.
Additionally, many buyers asked for guidance on the best time to buy. Traders recommended waiting for clearer trends or favorable dollar shifts. Several also noted that gold prices tend to rise slightly after holidays or international tensions.
Though price changes seem small now, traders continue to monitor global market trends closely. As long as the dollar stays stable, prices are likely to remain predictable for gold shoppers.