Gold soars in Baghdad, Erbil

Shafaq News / Gold prices rose in Baghdad and Erbil on Tuesday, April 16, 2024.

Our correspondent reported that gold prices in Baghdad’s Al-Nahr Street recorded this morning a selling price per mithqal (equals to five grams) for 21-carat Gulf, Turkish, and European gold of 493,000 IQD, with a buying price of 489,000 IQD.

The selling price per mithqal of 21-carat Iraqi gold reached 463,000 IQD, while the buying price amounted to 459,000 IQD.

In jewelry shops, the selling price per mithqal of 21-carat Gulf gold ranged between 495,000 and 505,000 IQD, while the selling price of Iraqi gold ranged between 465,000 and 475,000 IQD.

In Erbil, the selling price per mithqal of 24-carat gold was 565,000 IQD, 22-carat gold was sold at 520,000 IQD, 21-carat gold was sold at 500,000 IQD, and 18-carat gold was sold at 435,000 IQD.

Global gold prices edged higher on Tuesday, trading not too far away from a record high hit last week, as concerns over rising geopolitical tensions between Iran and Israel propped up demand for the safe-haven metal.

Spot gold was up 0.1% at $2,385.35 per ounce after hitting an all-time high of $2,431.29 on Friday. U.S. gold futures rose 0.8% at $2,401.90.

Spot silver fell 0.7% to $28.69 per ounce, platinum rose 0.7% at $969.05 and palladium lost 0.8% to $1,027.50.

(With Reuters input)