Gold soars in Baghdad, Erbil markets

Shafaq News / Gold prices rose in the markets of Baghdad and Erbil on Tuesday, March 26, 2023.

Our correspondent reported that gold prices in the wholesale markets in Baghdad’s Al-Nahr Street in the capital Baghdad recorded this morning a selling price per Iraqi dinar for one mithqal (equals to five grams) for 21-carat Gulf, Turkish, and European gold of 446,000 IQD, with a buying price of 442,000 IQD.

The selling price per mithqal of 21-carat Iraqi gold reached 416,000 IQD, while the buying price was 412,000 IQD.

In jewelry stores, the selling price of 21-carat Gulf gold ranged between 445,000 and 455,000 IQD, while the selling price per mithqal of Iraqi gold ranged between 415,000 and 425,000 IQD.

In Erbil, the selling price per mithqal of 24-carat gold was 520,000 IQD, 455,000 IQD for 21-carat gold, and 390,000 IQD for 18-carat gold.

Globally, gold prices were stuck in a tight range on Tuesday as investor focus turns to US inflation data due later this week, which could shed more light on the timing of the Federal Reserve's first interest rate cut this year.

Spot gold was flat at $2,170.59 per ounce. US gold futures edged 0.2% lower to $2,171.20 per ounce.

Spot silver eased 0.2% to $24.63 per ounce, platinum fell 0.1% to $901.30 and palladium edged 0.1% lower to $1,003.75, as reported by Reuters.