Gold surges in baghdad, holds in Erbil

Shafaq News / Gold prices rose in Baghdad on Monday, while they remained stable in Erbil.

Our correspondent reported that gold prices in Baghdad’s Al-Nahr Street recorded a selling price of 467,000 IQD per mithqal (equals to five grams) of 21-carat gold, including Gulf, Turkish, and European gold, with a buying price of 463,000 IQD.

The selling price per mithqal of 21-carat Iraqi gold reached 437,000 IQD, with a buying price of 433,000 IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 470,000 and 480,000 IQD, while the selling price per mithqal of Iraqi gold fluctuated between 440,000 and 450,000 IQD.

In Erbil, a mithqal of 24-carat gold was sold at 530,000 IQD, 21-carat gold at 465,000 IQD, and 18-carat gold was sold at 400,000 IQD.

Globally, gold prices rose to a record high as a softer US inflation reading cemented bets that the Federal Reserve would deliver its first interest rate cut of the year in June.

Spot gold was up 1.2% at $2,258.12 per ounce after hitting an all-time high of $2,265.49 earlier in the session. US gold futures gained 1.8% to $2,279.10, as cited by Ruters.