Gold prices stabilize іn Baghdad and decrease іn Erbil
Shafaq News/ Gold prices, both foreign and Iraqi, stabilized ?n the local markets ?n the capital Baghdad, while they decreased ?n Erbil, the capital ?f the Kurdistan Region, ?n Sunday.
Our correspondent reported that gold prices ?n the wholesale markets ?n Baghdad’s Al-Nahr Street recorded a selling price per mithqal (equals five grams) ?f 21-carat gold from Gulf, Turkish, and European sources at 449,000 IQD, with a buying price ?f 445,000 IQD.
Iraqi gold had the selling price per mithqal ?f 21-carat recorded at 419,000 IQD, with a buying price ?f 415,000 IQD.
As for gold prices at jewelry shops, the selling price per one gram ?f 21-carat Gulf gold ranges between 450,000 and 460,000 IDQ, while the selling price per one gram ?f Iraqi gold ranges between 420,000 and 430,000 IQD.
Regarding gold prices ?n Erbil, the selling price per one gram ?f 24-carat gold was 525,000 IQD, 21-carat gold was sold at 460,000 IQD, and 18-carat gold was sold at 395,000 IQD.
On Thursday, gold prices rose t? an all-time high after Fed policymakers indicated they still expected t? reduce them by three-quarters ?f a percentage point by the end ?f 2024 despite recent high inflation readings.
Fed Chair Jerome Powell said ?n Wednesday that recent high inflation readings had not changed the overall story ?f slowly easing U.S. price pressures.
Lower interest rates decrease the opportunity cost ?f holding non-yielding bullion and weigh ?n the dollar, making gold cheaper for investors holding other currencies.
