Gold stabilizes in Iraqi markets

Shafaq News / Gold prices, both foreign and Iraqi, stabilized in the local markets in Baghdad and Erbil, the capital of the Kurdistan Region, on Tuesday, February 27, 2023.

Our correspondent reported that gold prices in the wholesale markets on Al-Nahr Street in Baghdad recorded, this morning, a selling price per mithqal (equals five grams) for 21-carat Gulf, Turkish, and European gold at 430,000 IQD, with a buying price of 426,000 IQD.

The selling price per mithqal of 21-carat Iraqi gold reached 400,000 IQD, while the buying price was 396,000 IQD.

Regarding gold prices in jewelry shops, the selling price per mithqal of 21-carat Gulf gold ranged between 435,000 and 445,000 IQD, while the selling price per mithqal of Iraqi gold ranged between 405,000 and 415,000 IQD.

As for gold prices in Erbil, the selling price per mithqal of 24-carat gold was 502,000 IQD, 22-carat gold was 462,000 IQD, 21-carat gold was 442,000 IQD, and 18-carat gold was 382,000 IQD.

According to Reuters, global gold prices edged up on Tuesday as the dollar softened, while investors awaited a key US inflation report in a week filled with data releases and speeches from Federal Reserve officials for cues into the central bank's potential rate-cut timings.

Spot gold was up 0.1% at $2,033.34 per ounce. US gold futures rose 0.2% to $2,043.00 per ounce.