Gold prices decline in Baghdad and Erbil local markets

BAGHDAD, Iraq — Gold prices fell in local markets in Baghdad and Erbil on Wednesday, with traders reporting lower rates across wholesale and retail channels. On Baghdad's Nehr Street, wholesale prices for 21-karat Gulf, Turkish and European gold were quoted at 897,000 dinars for sale and 893,000 dinars for purchase, down from 905,000 dinars the previous day. Twenty-one-karat Iraqi gold on the same street traded at 867,000 dinars to sell and 864,000 dinars to buy. At jewelry shops on Nehr Street, 21-karat Gulf gold sold in a range of 900,000 to 910,000 dinars, while 21-karat Iraqi gold was priced between 870,000 and 880,000 dinars. In Erbil, 22-karat gold was sold at 953,000 dinars, 21-karat gold at 912,000 dinars and 18-karat gold at 781,000 dinars. The decline in gold prices coincided with a drop in the dollar exchange rate at Baghdad's Kifahi and Hariye stock exchanges, where 100 dollars traded at 156,850 dinars. In Erbil, the selling rate was recorded at 156,800 dinars and the buying rate at 156,700 dinars. Local traders said 21-karat gold had first crossed the 1 million dinar threshold in late January, with pricing based on the global per-ounce gold rate calculated against the parallel dollar exchange rate.