Gold prices in Iraq’s key markets of Baghdad and Erbil have retreated further, hovering around 860,000 Iraqi dinars per mithqal on Sunday.
The decline marks a continued downward trend in local spot rates, which had previously settled near 890,000 IQD earlier in the week.
Local dealers report that the softening reflects a broader pullback in global precious metals, with international benchmark prices exerting downward pressure on regional trading hubs.
The retreat in Iraqi gold prices follows a similar move on Tuesday, when spot rates dipped to approximately 900,000 IQD per mithqal amid a wider sell-off in global commodities.
The consistent decline over the past few days suggests that local demand is not sufficient to offset the weakness in international markets.
Traders in Baghdad and Erbil are adjusting their pricing strategies in response to the shifting global sentiment, which has seen gold prices face headwinds from stronger currency dynamics and shifting investor risk appetite.