2023-11-29T08:51:32+00:00
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On Wednesday, Iraqi and foreign gold prices recorded an increase in the local markets in the capital, baghdad, and stabilized in Erbil, the capital of the Kurdistan Region.
A Agency correspondent said that gold prices in the wholesale markets on al-Nahr Street in the capital, baghdad, recorded this morning, the selling price of one mithqal of 21 karat Gulf, Turkish and European gold at 447 thousand dinars, and the purchase price at 443 thousand dinars.
Our correspondent indicated that the selling price of one mithqal of 21 carat Iraqi gold was recorded at 417 thousand dinars, and the purchase price reached 413 thousand.
Regarding gold prices in goldsmiths’ shops, the selling price of a 21-carat Gulf gold mithqal ranges between 450,000 and 460,000 dinars, while the selling price of an Iraqi gold mithqal ranged between 420,000 and 430,000 dinars.
As for gold prices in Erbil, the Mithqal of 24 karat gold recorded a selling price of 510 thousand dinars, 21 karat at a price of 450 thousand dinars, and 18 karat at a price of 390 thousand dinars.
How does the demand for gold in Iraq compare to other Middle Eastern countries amidst recent economic changes?
Interview with Gold Market Expert: Insights on Recent Trends in Iraqi Gold Prices
Q1: Thank you for joining us today. Coudl you start by summarizing the current trends in gold prices in Iraq, particularly in Baghdad and erbil?
Expert: Absolutely, thank you for having me. As of this week, gold prices have seen a notable increase in Baghdad, with a stable market in Erbil. In Baghdad’s wholesale markets,the price for one mithqal of 21-karat Gulf,Turkish,and European gold has reached approximately 447,000 dinars for selling and 443,000 for purchasing. Contrastingly, Iraqi 21-karat gold is priced slightly lower at around 417,000 dinars when sold and 413,000 when bought.
In Erbil, the market is a bit different; the selling price for a mithqal of 24-karat gold has hit 510,000 dinars, while the 21-karat variant is priced at 450,000 dinars, and the 18-karat gold at about 390,000 dinars.
Q2: What do you think is driving this uptick in gold prices in Baghdad and how does it compare with previous trends?
Expert: Several factors might potentially be driving this increase in gold prices. Firstly, we need to consider the global economic situation. Gold is often viewed as a safe-haven asset during times of uncertainty in financial markets, and any global economic instability can lead to increased demand for gold. Additionally,local economic factors such as changes in currency valuation and inflation can influence gold prices as well. When we look back at previous trends, we can see that gold often experiences price fluctuations based on external and local economic conditions, so it’s critical that buyers stay informed about these influences.
Q3: Given these recent price changes, what practical advice would you offer to potential buyers or investors in gold?
Expert: It’s essential for buyers and investors to approach the market with caution. If you’re looking to buy,comparing prices across different goldsmiths’ shops in Baghdad and Erbil is vital since we see that selling prices for 21-karat Gulf gold can range between 450,000 and 460,000 dinars,while Iraqi gold ranges from 420,000 to 430,000 dinars.
for investors, keeping a close eye on both local and global economic trends is crucial. Diversifying your portfolio by including gold can often provide a buffer against volatility in other markets, but timing your purchases and understanding market trends can enhance your investment’s value.
Q4: In your opinion, how do you foresee the gold market evolving in Iraq moving forward?
Expert: The gold market in iraq is likely to remain dynamic. With the ongoing fluctuations in economic conditions both locally and globally,we could see continued variability in gold prices. However, gold’s customary role as a safe-haven asset means that demand may remain steady, especially during uncertain times. Therefore, stakeholders in the gold market should remain enterprising, staying abreast of market developments and consumer preferences, as this will shape the industry’s direction in the coming months.
Q5: what key takeaways should our readers keep in mind regarding gold purchasing in the current climate?
Expert: The key takeaways for our readers would be:
- Stay Informed: Understanding the current market dynamics in both local and global contexts will help you make better purchasing decisions.
- Compare Prices: Don’t settle for the first price you see; shop around and compare prices at different goldsmiths.
- Consider Timing: Being patient and strategic can provide better value, particularly in fluctuating markets.
- Think long-Term: In terms of investment, think beyond short-term gains and focus on gold’s long-standing role as a hedge against inflation and economic uncertainty.
By keeping these points in mind, consumers can navigate the gold market more effectively and make informed decisions in this evolving landscape.