Gold prices remained strong today, reaching their highest levels in recent months. Economic experts link the increase to geopolitical tensions, particularly the dispute between the U.S. and NATO over Greenland.
Wrya Ali, a member of the Erbil Gold Traders’ Union, said:
“The price of one ounce of gold rose to $1,083, and one mithqal of gold reached 29,000 Iraqi dinars. This represents a significant increase, showing gold’s ongoing strength in the market.”
Current Market Prices in Erbil:
- One ounce of gold: $1,083
- One mithqal of 22-carat gold: 1,128,000 IQD
- One mithqal of 21-carat gold: 1,077,000 IQD
- One mithqal of 18-carat gold: 923,000 IQD
- One kilogram of silver: $4,400–$4,500
Economic analyst Mirani, explained the main reasons for the rise in gold and silver prices:
- The U.S.–NATO dispute over Greenland fueled uncertainty in global markets.
- Concerns over the independence of the U.S. Federal Reserve affected investor confidence.
- Increased tariffs and the threat of trade wars drove demand for safe-haven assets.
- Central banks have been buying more gold, which strengthened global demand.
- The current stable gold price encouraged further purchases, pushing its value higher.
- Silver prices in the Kurdistan Region rose due to high local demand and limited availability, trading around $700 per kilogram on the global market.
Analysts note that gold and silver continue to be strong investment options. Their prices respond not only to local market conditions but also to global geopolitical tensions. Investors in the Kurdistan Region are closely watching trends, as ongoing international disputes and economic uncertainty are expected to keep precious metal prices elevated in the near term.
Until global stability improves, gold and silver are likely to maintain their upward trajectory, providing investors with secure opportunities amid market fluctuations.
