Gold rush: Baghdad prices skyrocket to record highs

Shafaq News/ On Friday, gold prices in Baghdad climbed sharply, mirroring a global upswing that pushed the precious metal to record highs.

In Baghdad's wholesale markets on Al-Nahr Street, the selling price for a 21-carat mithqal (approximately 4.25 grams) of Gulf, Turkish, and European gold reached 670,000 IQD, with buying prices at 666,000 IQD.

Domestic 21-carat gold was sold at 640,000 IQD per mithqal and purchased at 636,000 IQD.

Retail prices varied slightly, with foreign gold ranging between 670,000 and 680,000 IQD per mithqal, while Iraqi gold sold for between 640,000 and 650,000 IQD.

The surge in local prices coincided with a significant rise in global gold markets. Spot gold prices surpassed $3,200 per ounce for the first time, driven by escalating economic uncertainties and geopolitical tensions.

In Iraq, the price of a gold ounce reached approximately 4,122,171 IQD, marking a substantial increase from previous levels.

The global rally in gold prices is attributed to heightened investor demand for safe-haven assets amid concerns over economic instability and ongoing geopolitical conflicts.