Gold prices in the Kurdistan Region have reached historic highs, setting a new record in the local market. In just 24 hours, the price of one mithqal of 21-carat gold jumped by 48,000 Iraqi dinars. This sharp increase reflects both global tensions and local economic pressures, showing the strong impact of international events on Kurdistan’s markets.
Handren Warti, head of the Erbil Goldsmiths Syndicate, said:
“Today, one ounce of gold reached $5,100. As a result, the price of one mithqal of 21-carat gold rose to 1,125,000 dinars, compared to yesterday’s 1,077,000 dinars. This surge highlights the increasing value of gold in the region and growing demand from investors and local buyers.”
Moreover, economic analyst Dr. Mustafa Mallahassan explained that multiple factors contributed to this historic rise. Internationally, investors are closely monitoring the U.S. decision to cut interest rates on January 28. Rising tensions between China and the United States, along with the ongoing Russia–Ukraine war, have weakened market confidence. These global developments have pushed gold demand higher, as investors consider it a safe-haven asset during uncertain times.
Locally, economic instability has intensified pressure on the market. The transfer of ISIS detainees to Iraq, warnings from the U.S. Secretary of State, and the political deadlock over electing a president have all contributed to the depreciation of the Iraqi dinar. As a result, gold and dollar prices in Kurdistan have surged sharply, creating concern among ordinary citizens and attracting more investors to the market.
Current Gold Prices in Kurdistan Region
- 22-carat gold: 1,178,000 dinars
- 21-carat gold: 1,125,000 dinars
- 18-carat gold: 965,000 dinars
Therefore, the price of one ounce of gold now stands at $5,100. Analysts predict that gold may continue to rise until both global and domestic uncertainties stabilize. This historic increase underscores the importance for investors, traders, and the general public to monitor gold prices closely and consider the risks and opportunities in the current market.
