Gold prices climbed sharply after global stock markets reopened, driven by rising geopolitical tensions and uncertainty over U.S. monetary policy. Economic analysts say several political and financial developments pushed investors toward gold as a safe-haven asset.
According to Dr. Mustafa Mulla Hassan, a market analyst, gold recorded a strong daily gain. He said the price of gold increased by $91 per ounce, while the price of gold rose by 15,000 dinars per mithqal in local markets.
Current gold prices in Kurdistan markets are as follows:
- One ounce of gold: $4,600
- One mithqal of 22-karat gold: 992,000 dinars
- One mithqal of 21-karat gold: 947,000 dinars
- One mithqal of 18-karat gold: 812,000 dinars
Dr. Mustafa Mulla Hassan explained that the latest rise is linked to a mix of political and economic factors. One key reason is the ongoing tension between U.S. President Donald Trump and Federal Reserve Chairman Jerome Powell. Powell recently rejected accusations related to the renovation of the Federal Reserve’s headquarters, saying the claims were baseless and connected to the Fed’s independence.
Trump commented that the issue should not be taken personally by Powell. However, Powell reaffirmed that the Federal Reserve will continue its tight monetary policy. He also confirmed that he will remain in his position until the end of his term.
Geopolitical developments have also played a major role. The situation involving Iran has directly affected global markets, especially following Trump’s statements about possible actions against Iran and Iran’s request to open negotiations with the United States over nuclear weapons.
In addition, Trump shared an image portraying himself as the executive head of Venezuela, increasing market uncertainty. He also made remarks about Greenland, stating, “We will not listen to Russia and China,” which added to global political tension.
On a separate front, Trump sent a message to Cuba on Sunday, urging its leaders to “reach an agreement before it is too late.”
Analysts say these combined factors have increased market anxiety, encouraging investors to move toward gold and pushing prices higher.
