Gold Prices Decline in Baghdad as Jewelers Announce New Rates

BAGHDAD, Iraq — Gold prices fell in the Iraqi capital on Sunday, with jewelers announcing new rates as local market prices retreated from recent levels. The market price for a 21-karat misqal was set at 905,000 dinars for selling and 910,000 dinars for buying. At jewelry shops, the same misqal traded between 940,000 and 945,000 dinars. Gulf gold also operated within the same price range. However, global gold prices remained at record levels, with analysts linking the international rally to investor expectations that the U.S. Federal Reserve will cut interest rates in September. Global economic and geopolitical uncertainty, combined with anticipated U.S. monetary easing, has supported gold's upward movement worldwide. The latest Baghdad figures show local selling prices have declined, even as international markets continue to trend higher.