Gold Prices Dip in Iraqi and Erbil Markets; Global Market Holds Steady Ahead of Powell's Testimony

Shafaq News/ On Wednesday, Iraqi and foreign gold prices edged lower in the local markets of Baghdad and Erbil.

According to a report from Shafaq News agency, in the wholesale markets on Al-Nahr Street in Baghdad, the selling price for one 21-carat weight of Gulf, Turkish, and European gold was recorded at 394,000 dinars. In contrast, the purchase price stood at 390,000 dinars this morning. This marks a decrease from the previous day's selling price of 400,000 dinars per weight.

Similarly, the selling price of one 21-carat weight of Iraqi gold decreased to 364,000 dinars, while the purchase price reached 360,000 dinars.

In goldsmiths' shops, the selling price of the 21-carat Gulf gold weight ranged between 400,000 and 310,000 dinars, while the selling price of the Iraqi gold weight ranged between 370,000 and 380,000 dinars.

In Erbil, the capital of the Kurdistan Region, gold prices also declined. The selling price of 24-carat gold was 460,000 dinars, 22-carat gold sold for 425,000 dinars, 21-carat gold sold for 405,000 dinars, and 18-carat gold sold for 345,000 dinars.

One mithqal of gold equals five grams.

Globally, Gold prices moved in a tight range on Wednesday after two-straight sessions of declines, as investors refrained from making large bets ahead of Federal Reserve Chairman Jerome Powell's congressional testimony.

According to Reuters data, Spot gold XAU= stood at $1,937.26 per ounce by 0248 GMT. U.S. gold futures GCcv1 were almost unchanged at $1,948.40.

Among other precious metals, spot silver XAG= fell 0.3% to $23.1177 per ounce, platinum XPT= shed 0.5% to $957.93, while palladium XPD= was flat at $1,379.86.