Gold prices slip in Baghdad as global rally continues

BAGHDAD, Iraq — Gold prices opened lower in Baghdad on Tuesday, with 21-karat local Iraqi gold quoted at 828,000 Iraqi dinars per miskal for sale and 824,000 dinars for purchase. Gulf gold of the same karat traded between 860,000 and 870,000 dinars per miskal at jewelry shops in the capital. Global gold prices have continued to climb on expectations that the U.S. Federal Reserve will cut interest rates in September and amid rising economic uncertainty, according to market reports. Analysts said investor confidence and geopolitical risks have supported the metal's record international rally, while the anticipated rate reduction has added upward pressure on prices. Local dealers in Baghdad revise their rates daily in line with movements in international markets. No further pricing details were immediately available.