Baghdad gold prices close week higher as global rally continues

BAGHDAD, Iraq — Gold prices in Baghdad closed the week higher, with 21-karat Iraqi gold selling for 927,000 dinars and buying at 923,000 dinars as of Wednesday, August 12. Among jewelers, 21-karat Gulf gold traded between 960,000 and 970,000 dinars. The local increases mirror an extended global rally driven by investor expectations that the U.S. Federal Reserve will cut interest rates in September. Analysts cited in market reports say the rally has also been supported by deepening economic and geopolitical uncertainty, which has lifted demand for the metal. Iraqi traders reported a volatile but upward trend across both domestic and imported gold categories in recent weeks, tracking international movements. No further price updates were immediately available for the next session.