Gold stabilizes in Baghdad, Erbil

Shafaq News / Gold prices, both foreign and Iraqi, stabilized in the local markets of Baghdad and Erbil, the capital of the Kurdistan Region, on Tuesday.

Our correspondent reported that gold prices in the wholesale markets on Al-Nahr Street in Baghdad recorded this morning a selling price per one mithqal (equals five grams) for 21-carat gold of Gulf, Turkish, and European origin of 448,000 IQD, with a buying price of 444,000 IQD.

The selling price per mithqal of 21-carat Iraqi gold reached 418,000 IQD, while the buying price was 414,000 IQD.

As for the gold prices in jewelry stores, the selling price of a mithqal of 21-carat Gulf gold ranged between 450,000 and 460,000 IQD, while the selling price of Iraqi gold ranged between 420,000 and 430,000 IQD.

In Erbil, the selling price of a mithqal of 24-carat gold was recorded at 520,000 IQD, while 21-carat gold was sold at 455,000 IQD, and 18-carat gold was sold at 390,000 IQD.

Global gold held steady on Tuesday as investors stayed on the sidelines ahead of the US Federal Reserve policy meeting this week, which could offer further clues on the timing of likely interest rate cuts this year.

Spot gold was little changed at $2,160.79 per ounce. US gold futures were flat at $2,164.10, as reported by Reuters.