Gold prices drop more than 10,000 dinars in Baghdad and Erbil

BAGHDAD, Iraq — Gold prices in Iraq's capital Baghdad and in Erbil, the capital of the Kurdistan Region, fell by more than 10,000 dinars on Thursday compared with the previous day, according to local market data. On Baghdad's Nehr al-Sarraj wholesale gold market, 21-carat gold of Gulf, Turkish and European origin was sold at 892,000 dinars and bought at 888,000 dinars, down from 905,000 dinars a day earlier. At the same time, 21-carat Iraqi gold traded at 862,000 dinars for sale and 858,000 dinars for purchase. In retail jewelry shops, 21-carat Gulf gold sold between 895,000 and 905,000 dinars, while Iraqi gold sold between 865,000 and 875,000 dinars. In Erbil, 22-carat gold was quoted at 935,000 dinars, 21-carat gold at 893,000 dinars and 18-carat gold at 765,000 dinars. The 21-carat price had first crossed the one-million-dinar mark in Iraqi markets on January 21, 2026, according to market records. Gold traders said prices are set by a formula tied to the global ounce price and the local exchange rate.