Gold price surges sharply as global stock markets opened, with one ounce rising by $71. Experts predict continued instability in gold prices this week, with sharp fluctuations between gains and losses.
Safin Warti, a member of the Erbil Goldsmiths Syndicate, said that today, Monday, the opening of international markets pushed the price of one ounce of gold up by $71. The price of one mithqal also rose by 17,000 dinars.
Current gold prices in Kurdistan and international markets are as follows:
- One ounce of gold: $5,035
- One mithqal of 22-karat gold: 1,166,000 dinars
- One mithqal of 21-karat gold: 1,115,000 dinars
- One mithqal of 18-karat gold: 959,000 dinars
Economic experts say several factors are driving the surges in gold prices. Also, they explained that gold prices will remain volatile this week. “Investors should expect fluctuations up and down,” they said.
International dynamics also influence gold prices. U.S. Treasury Secretary Scott Bessent pointed to China’s significant purchases as a major factor in recent gold market turbulence. “China bought 40,000 ounces of gold in January alone,” Bessent noted. This high demand pushes gold prices higher and keeps markets unstable.
Statements from the U.S. Treasury Secretary highlight the strong competition between the United States and China over global gold prices. Market analysts suggest that such international competition will continue to influence gold prices and cause fluctuations in the coming days.
For investors and gold buyers in Kurdistan, monitoring gold prices is critical. The combination of local demand, global market openings, and major purchases by countries like China will likely continue to push gold prices up and down sharply.
Gold prices remain a key indicator for both regional and global markets. Investors should stay informed, as volatility can create opportunities for gains but also risks of sudden losses.
