Gold prices in Iraq’s primary trading hubs of Baghdad and Erbil have retreated further, settling around 855,000 Iraqi dinars per mithqal on Saturday.
The decline marks a continued downward trajectory for local spot rates, which had previously hovered near 890,000 IQD earlier in the week before dipping to approximately 900,000 IQD on Tuesday.
Local dealers report that the pullback is driven by softer sentiment in global precious metals markets, with international benchmark prices exerting downward pressure on regional valuations.
This latest drop extends a multi-day correction in Iraqi gold markets, reflecting broader risk-off dynamics and reduced demand for safe-haven assets among local investors.
The sustained decline suggests that the recent rally in gold prices has lost momentum, with traders adjusting positions in response to shifting global macroeconomic signals.
As global metal prices remain volatile, Iraqi dealers are likely to monitor international benchmarks closely for signs of stabilization or further weakness.