Gold prices rose sharply in global markets and across the Kurdistan Region, with one ounce gaining about $240 in a single day, according to a local economic expert.
The experts said that the price of one mithqal of gold also increased by between 30,000 and 35,000 Iraqi dinars during the same period.
The increase was linked to several international developments. Renewed talks between the United States and Iran influenced investor sentiment and contributed to stronger demand for gold.
The expert also pointed to the decline of the US dollar in global markets. A weaker dollar usually makes gold cheaper for buyers using other currencies, which can increase demand and push prices higher.
Investors are also waiting for new US economic data, including unemployment claims and factory figures. These reports could affect expectations for the dollar and future monetary policy decisions.
Furthermore, weak economic data may place more pressure on the dollar and encourage further buying in the gold market. Stronger figures, however, could support the currency and limit additional gains.
Gold prices in international and Kurdistan Region markets reached the following levels:
One ounce of gold traded at $4,265.
One mithqal of 22-carat gold sold for 958,000 Iraqi dinars.
One mithqal of 21-carat gold reached 914,000 dinars.
One mithqal of 18-carat gold stood at 784,000 dinars.
Therefore, the rapid increase has drawn attention from traders, investors and consumers across the Region. Gold remains a popular store of value during periods of currency weakness, political uncertainty and changing interest-rate expectations.
Market participants will now closely follow US economic reports, dollar movements and developments in US-Iran relations. These factors could determine whether gold maintains its gains or faces a short-term correction. Local buyers may also see further changes in jewellery prices if international gold continues rising and the dinar’s exchange rate shifts.
