Baghdad Gold Prices Fall as Global Market Extends Record Run

BAGHDAD, Iraq — Gold prices declined in Baghdad's local markets Thursday, June 4, reversing recent gains even as global prices held near record highs. Iraqi 21-karat gold was quoted at 940,000 dinars for selling and 945,000 dinars for buying per mithkal, while Gulf-origin 21-karat gold traded between 965,000 and 975,000 dinars per mithkal. Globally, gold prices remained elevated as investors bet on a Federal Reserve interest rate cut in September. Economic and geopolitical uncertainties continued to underpin demand on world markets. The local downturn contrasted with the sustained international rally, where gold has been trading at historic levels. Traders said the divergence reflected supply and demand dynamics specific to the Iraqi market rather than a broader shift in sentiment.