Gold prices retreat in Baghdad and Erbil wholesale markets

BAGHDAD, Iraq — Gold prices declined in Iraq's capital and in the Kurdistan Region capital of Erbil, according to local market data cited on Monday. On Baghdad's Nehr Street wholesale gold market, 21-karat gold of Gulf, Turkish and European origin was quoted at a selling price of 945,000 dinars and a buying price of 941,000 dinars on Monday morning, down from 960,000 dinars the previous day. Iraqi 21-karat gold was priced at 915,000 dinars to sell and 911,000 dinars to buy in the same market. Retail jewelry shops in Baghdad quoted Gulf-origin 21-karat gold at between 945,000 and 955,000 dinars and Iraqi 21-karat gold at between 915,000 and 925,000 dinars. In Erbil, 22-karat gold was traded at 978,000 dinars per gram, with 21-karat at 933,000 dinars and 18-karat at 800,000 dinars. Local jewelers said gold prices are set according to the global ounce price and the local dollar exchange rate.