Gold prices in the Kurdistan Region and global markets have declined over the past three days. The drop follows new economic and geopolitical developments. Experts link the decline to several international factors. One key factor is recent political signals between the United States and China over Venezuelan oil.
Safin Warti, a member of the Erbil Goldsmiths’ Syndicate, commented on the market movement. He said the price of one ounce of gold fell by $710 compared to Thursday. He also confirmed that the price of one mithqal of gold dropped by 129,000 Iraqi dinars.
Latest market data show the following prices:
- One ounce of gold: $4,894
- One mithqal of 22-carat gold: 1,125,000 IQD
- One mithqal of 21-carat gold: 1,075,000 IQD
- One mithqal of 18-carat gold: 922,000 IQD
Additionally, economic analyst Dr. Mustafa Malla Hassan said the decline followed record highs in global gold markets. He explained that large banks and financial institutions sold part of their gold holdings. These sales aimed to secure profits after strong gains.
Dr. Malla Hassan noted that during the first 20 days of the year, major institutions earned profits of up to 18 percent. He added that political developments also played a role in the price drop.
U.S. President Donald Trump recently stated that Washington is close to an agreement with China on Venezuelan oil. This statement reduced demand for gold as a safe-haven asset. Market expectations of a possible interest rate cut also affected prices. In addition, speculation continues over a successor to Jerome Powell, Chairman of the U.S. Federal Reserve.
Despite the gold prices decline, analysts remain optimistic. Forecasts suggest gold prices could rise again. Some projections expect one ounce of gold to reach $6,200 by the end of 2026. Dr. Malla Hassan said the United States has benefited most from the recent rise in gold prices.
