Gold and silver prices continue to rise in local and global markets. Financial and economic experts attribute this upward trend to trade tensions driven by former U.S. President Donald Trump, particularly his threats to impose new customs tariffs on several countries.
Gold prices in the Kurdistan Region increased sharply. While the price of one ounce of gold climbed by $17. At the same time, silver prices also jumped. During the first 27 days of this year alone, the price of one kilogram of silver increased by $2,500.
Wrya Ali, a member of the Erbil Gold Traders’ Syndicate, said gold prices have risen significantly since the start of the month. “From the first day of this month until today, The price of one mithqal of gold has gone up by 220,000 dinars, while the price of one ounce of gold has increased by $700,” he said.
In Kurdistan’s markets, one kilogram of silver is currently trading at $5,200 in cash. This is about $1,000 higher than the global market price. Traders say strong local demand is the main reason behind this gap.
Financial and economic expert Dr. Kamaran Qadir explained that global trade policies are playing a key role in driving prices higher. He said Donald Trump announced customs tariffs at the beginning of his presidency and imposed them on several countries. “For example, Canada had free trade agreements with China and Mexico, but Trump disrupted those agreements,” he noted.
Reports indicate that Canada is now seeking new trade arrangements with China and other countries. Meanwhile, Trump has threatened to impose a 100 percent customs tariff on Canadian goods exported to the United States. Analysts describe this as a trade war that poses serious risks to both the U.S. and Canadian economies. These risks have pushed investors toward safe assets such as gold.
Economists believe continued tariff threats and trade uncertainty are creating pressure on currencies and slowing economic growth worldwide. As a result, investors are increasingly turning to gold and silver, driving prices even higher. Trump has also threatened tariffs on medicines, automobiles, and steel and timber from South Korea, further increasing uncertainty and supporting the rise in precious metal prices.
