Gold prices continue to rise in local and global markets. In just one week, the market recorded a sharp increase. Experts say political pressure and global tensions are the main reasons behind this surge.
According to market data, gold prices rose by $120 per ounce in only seven days. At the same time, local gold prices in the Kurdistan Region also increased strongly. This trend shows growing investor demand for safe assets during uncertain times.
Dr. Mustafa Malla Hassan, a market analyst, spoke about the situation. He said the price of one ounce of gold jumped by $120 in one week. He also confirmed that the price of one mithqal of gold increased by 40,000 dinars. This rise reflects strong market reactions to global developments.
As of today, Wednesday, gold prices stand at high levels. One ounce of gold is priced at $4,635. Meanwhile, As of today, Wednesday, gold prices in Kurdistan and global markets are as follows:
- One mithqal of 22-karat gold: 1,008,000 dinars
- One mithqal of 21-karat gold: 962,000 dinars
- One mithqal of 18-karat gold: 825,000 dinars These figures show how fast gold prices rise across different purity levels.
Several global factors are pushing gold prices higher. Dr. Malla Hassan explained that political threats against U.S. Federal Reserve Chair Jerome Powell have unsettled markets. These threats include legal action and the possibility of replacing him. As a result, investor confidence in monetary stability has weakened.
Moreover, geopolitical tensions continue to increase. Restrictions involving Russia and China over the purchase of Venezuelan oil have added pressure. At the same time, ongoing threats related to Iran are raising fears in global markets. Because of these risks, investors are turning to gold as a safe store of value.
Experts expect gold prices to remain volatile in the coming period. If political disputes and global tensions continue, gold prices rise further may follow.
