Gold prices have continued to rise across the Kurdistan Region for several days. On Monday, August 24, the price of one mithqal of 21-karat gold reached 1 million Iraqi dinars.
Abdullah Akram, deputy head of the Erbil Goldsmiths Syndicate, said that 21-karat gold traded at 1 million dinars per mithqal on Monday. Meanwhile, the price of 22-karat gold reached 1.047 million dinars per mithqal.
Other gold grades also recorded high prices across the Kurdistan Region. An 18-karat mithqal sold for 857,000 dinars. The price of 14-karat gold reached 666,000 dinars.
At the same time, 12-karat gold reached 572,000 dinars per mithqal. The price of 9-karat gold stood at around 429,000 dinars.
The latest increase in local gold prices follows a strong rise in international markets. Gold prices reached their highest level in more than three months on Monday.
A weaker US dollar helped support the precious metal. When the dollar loses value, gold generally becomes more affordable for buyers using other currencies.
Investors are also watching upcoming US economic data closely. In particular, markets are focusing on inflation figures and signals about future monetary policy.
Attention has also turned to a planned speech by Kevin Warsh, the US Federal Reserve chair, later this week. Investors expect his comments to provide clues about the direction of US interest rates.
On Monday, gold prices rose by 0.6% during the first trading session of the week. The international price reached $4,654 per ounce.
Market analysts say expectations about US interest rates remain an important factor for gold prices. A softer monetary policy could provide further support for the precious metal.
Therefore, local gold prices could remain under pressure as international prices continue to fluctuate. For consumers in the Kurdistan Region, the latest increase means that purchasing gold now costs significantly more than it did only a few days ago.
