Gold prices extend decline in Baghdad and Erbil markets

BAGHDAD, Iraq — BAGHDAD — Gold prices fell in local markets in Baghdad and Erbil on Tuesday, a day after a similar retreat in the previous session. A reporter tracking wholesale trade on Baghdad's Al-Nahr Street said 21-karat Gulf, Turkish and European gold was sold for 960,000 Iraqi dinars per ounce and bought for 956,000 dinars, down from 965,000 dinars on Monday. Iraqi-produced 21-karat gold was quoted at a selling price of 930,000 dinars and a buying price of 926,000 dinars, according to the same market report. Retail jewelry shops set selling prices for 21-karat Gulf gold between 960,000 and 970,000 dinars, while Iraqi gold of the same carat traded between 930,000 and 940,000 dinars. In Erbil, prices also moved lower. Local traders reported 22-karat gold at a selling price of 984,000 dinars, 21-karat gold at 940,000 dinars and 18-karat gold at 807,000 dinars. Retail gold prices in Iraq are calculated based on the global price per ounce and the local exchange rate of the U.S. dollar.