Gold prices surpass 1 million dinars in Baghdad and Erbil

BAGHDAD, Iraq — Gold prices rose on Saturday in Iraq's capital and the northern city of Erbil, with 21-karat gold of Gulf, Turkish and European origin selling for 1,006,000 dinars per gram in wholesale markets, against a buying price of 1,002,000 dinars. On Thursday, the same product was priced at 980,000 dinars. Iraqi-produced 21-karat gold was quoted at 976,000 dinars for sale and 972,000 dinars for purchase. At retail jewelry shops, Gulf-origin 21-karat gold traded between 1,005,000 and 1,015,000 dinars, while Iraqi-origin gold ranged from 975,000 to 985,000 dinars. In Erbil, 22-karat gold reached 1,035,000 dinars, 21-karat gold 990,000 dinars and 18-karat gold 847,000 dinars. The price increase coincided with a rise in the U.S. dollar's exchange rate on the free market, tracking the Central Bank's reference rate. At the Kifah and Harisiyah exchanges, 100 dollars sold for 154,300 dinars, up from 154,150 dinars on Thursday. The per-kilogram price of 21-karat gold had first crossed the 1 million dinar mark on January 21.