Gold stabilizes in Baghdad, records downward trend in Erbil

Shafaq News / Both local and foreign gold stabilized, on Thursday, in the local markets of the Iraqi capital Baghdad, decreasing in Erbil, the capital of the Kurdistan Region (KRI). Our correspondent reported that gold prices in Baghdad’s Al-Nahr Street recorded, this morning, a selling price per mithqal (equals five grams) for 21-carat Gulf, Turkish, and European gold of 452,000 IQD, with a buying price of 448,000 IQD. The selling price per mithqal of 21-carat Iraqi gold reached 422,000 IQD, while the buying price was 418,000 IQD. Jewelry shops in Baghdad registered a selling price for 21-carat Gulf gold of 455,000 - 466,000 IQD, while the selling price per mithqal of Iraqi gold recorded 425,000 - 435,000 IQD. In Erbil, 24-carat gold was sold at 525,000 IQD, 21-carat gold at 460,000 IQD, and 18-carat gold at 395,000 IQD. According to Reuters, global gold prices edged lower on Thursday as the US dollar gained, though bullion remained near record-high levels as traders awaited more economic data out of the US that could steer hopes for a mid-year rate cut by the Federal Reserve. Spot gold fell 0.2% to $2,171.05 per ounce. US gold futures also dipped 0.2% to $2,175.40.