Gold stabilizes in Baghdad, Erbil in Saturday dealings
Shafaq News / Gold prices, both foreign and Iraqi, remained stable in the local markets of Baghdad and Erbil, the capital of the Kurdistan Region, on Saturday, March 16, 2023.
Our correspondent reported that gold prices in the wholesale markets on Baghdad’s Al-Nahr Street recorded this morning a selling price per mithqal (equals five grams) for 21-carat Gulf, Turkish, and European gold of 452,000 IQD, with a buying price of 448,000 IQD.
The selling price per mithqal of 21-carat Iraqi gold reached 422,000 IQD, while the buying price was 418,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold was 455,000 - 466,000 IQD, while one mithqal of Iraqi gold was sold at 425,000 - 435,000 IQD.
In Erbil, the selling price per mithqal of 24-carat gold was 525,000 IQD, 21-carat gold was sold for 460,000 IQD, and 18-carat gold was sold for 395,000 IQD.
Economists at Commerzbank anticipated, on Saturday, an increase in gold prices in the global market amid uncertainty about the continued strength of the yellow metal shortly.
According to German experts, although recent US economic data has been weak, the Federal Reserve's interest rate cut has not been very close, according to the expectations of most market participants.
The experts ruled out a US interest rate cut until at least June, and this will certainly affect the price of gold during trading.
However, with the approaching meeting of the Federal Reserve next week, if it is possible to interpret the new forecasts of the Federal Reserve and the words of the bank's president, Jerome Powell, as increasing the chances of a rapid interest rate cut, gold prices may reach new record levels.
Experts warn of many factors affecting gold prices recently, including political unrest and wars in Ukraine, Gaza, and the Red Sea, which boost gold's rise as a haven.
