Global Gold Prices Stable Below $2,000; Iraqi Gold Markets Witness Decline
Shafaq News/ Gold prices steadied below the $ 2,000 mark on Wednesday as a firmer dollar, and uncertainties surrounding U.S. debt-limit negotiations kept the precious metal's upside in check.
Spot gold rose by a modest 0.2% to $1,992.56 per ounce, while U.S. gold futures saw a slight 0.1% increase, reaching $1,995.10.
The yellow metal has consistently found support whenever it dipped below the $2,000 level, and market analysts suggest that ongoing concerns over the debt ceiling negotiations could potentially drive safe-haven flows into gold.
In broader market movements, Asian shares remained subdued as investors maintained a risk-averse stance due to ongoing U.S. debt ceiling negotiations and mixed economic data.
Among other precious metals, spot silver posted a modest 0.3% increase to $23.80 per ounce, while platinum advanced by 0.6% to $1,063.79. Palladium showed a marginal gain of 0.1% and settled at $1,503.49.
Meanwhile, in Iraqi markets, gold prices witnessed a decline in Baghdad and Erbil. This decrease was attributed to the weakened value of the dollar and the global price of an ounce of gold.
In Baghdad's wholesale markets on Al-Nahr Street, the selling price for one 21-carat weight of Gulf, Turkish, and European gold was 400,000 dinars, while the purchase price stood at 396,000 dinars. This marks a decrease compared to Tuesday's selling prices of 408,000 dinars.
The selling price of one 21-carat weight of Iraqi gold also experienced a decline, reaching 370,000 dinars, with the purchase price at 366,000 dinars.
Goldsmiths' shops in Baghdad showcased a range of prices, with the selling price for a 21-carat Gulf gold weight varying between 400,000 and 410,000 dinars. For Iraqi gold, the selling price for the same weight ranged between 370,000 and 380,000 dinars.
In Erbil, gold prices also observed a downward trend. The selling price for 24-carat gold was recorded at 480,000 dinars, while 22-carat gold was priced at 440,000 dinars. 21-carat gold sold for 425,000 dinars, and 18-carat gold was available at 360,000 dinars.
one mithqal= 5 grams
