Gold plunges as global selloff hits Kurdistan markets

Shafaq News- Al-Sulaymaniyah

Gold prices fell more than $200 to $4,543 per ounce on Monday, marking their steepest daily decline in months, as a stronger US dollar triggered heavy selling across global metal markets.

According to international market data, gold slid nearly 6% in early trading, while silver also declined sharply, as investors reduced exposure amid a broader risk-off move.

The global selloff was reflected in Al-Sulaymaniyah, where the price of 21-carat gold fell to about 951,000 Iraqi dinars per mithqal. Eighteen-carat gold dropped to roughly 816,000 dinars, while 24-carat gold declined to around 1.086 million dinars.

Jabar Koran, spokesman for Al-Sulaymaniyah’s currency market, told Shafaq News that the main driver behind the fall was the rise of the US dollar, which typically pressures dollar-priced commodities such as gold and silver. “Local markets are directly linked to global prices and exchange rates, so any external change is reflected immediately,” he explained, adding that demand fell noticeably compared with previous days.

Meanwhile, media analyst Baqir Dawoud attributed part of the volatility to psychological and media factors rather than fundamentals alone. He pointed to controversial international political statements, including remarks by US President Donald Trump on monetary policy and the Federal Reserve, which “often trigger short-term speculative waves and amplify market instability.”

The fall follows a prolonged rally that pushed gold and silver to record highs late last year and into the start of 2026.