Gold prices climbed in Baghdad and Erbil on Wednesday, with 21-carat imported varieties reaching 950,000 Iraqi dinars per mithqal in Baghdad.
The latest figures showed an increase from Tuesday’s level, while locally produced Iraqi gold remained cheaper. Meanwhile, Erbil markets recorded higher rates for 21-carat gold, alongside prices for 22-carat and 18-carat varieties.
On Baghdad’s Al-Nahr Street, traders offered 21-carat Gulf, Turkish and European gold at 950,000 dinars per mithqal. Buyers selling these varieties could receive approximately 946,000 dinars, reflecting the difference between retail and purchasing prices.
On Tuesday, the selling price for these varieties stood at 940,000 dinars per mithqal. Consequently, Wednesday’s rate increased by 10,000 dinars, indicating an upward movement in Baghdad’s gold market.
However, Iraqi-made 21-carat gold continued to trade at a lower price. Sellers offered it at 920,000 dinars per mithqal, while buyers paid approximately 916,000 dinars.
Jewellery shops across Baghdad also reported different prices depending on the gold’s origin and retailer. Gulf 21-carat gold ranged between 950,000 and 960,000 dinars per mithqal. By comparison, Iraqi gold sold for between 920,000 and 930,000 dinars.
These differences mean shoppers may encounter varying prices between jewellery stores. Even gold of the same purity can carry different retail prices. Furthermore, the quoted price may not represent the final cost of finished jewellery, which can include additional workmanship charges.
In Erbil, traders quoted higher prices for several gold categories on Wednesday. The price of 22-carat gold reached 1,007,000 dinars per mithqal. Meanwhile, 21-carat gold sold for 962,000 dinars.
The price of 18-carat gold reached 824,000 dinars per mithqal in the regional capital. These figures highlight differences between the two markets, although the survey did not explain the reasons behind the gap.
A mithqal in the reported figures represents five grams of gold. Therefore, shoppers comparing quotations should check the gold’s purity and the weight used to calculate each price.
Overall, gold prices showed an increase in Baghdad’s imported 21-carat varieties, while Erbil recorded higher rates across its listed categories. Shoppers should compare prices among retailers before purchasing, particularly when choosing between Iraqi and imported gold.
