Gold prices in northern Iraq surged to 869,000 Iraqi dinars per mithqal for 21-carat bars on Monday, marking a notable increase from recent levels.
The price jump in Erbil contrasts sharply with conditions in Baghdad, where trading activity was virtually non-existent due to the ongoing Arbaeen pilgrimage holiday.
The divergence highlights the fragmented nature of Iraq's precious metals market, where regional supply chains and local liquidity conditions can drive significant price differentials.
While Baghdad's market remained dormant, Erbil's dealers continued operations, pushing prices higher amid steady demand from local buyers.
This development follows a period of relative stability in Iraqi gold prices, which had hovered around 855,000 IQD per mithqal in both Baghdad and Erbil earlier in the week.
The sudden spike in Erbil suggests that holiday-driven supply constraints in the capital may be redirecting demand toward northern markets, where inventory remains available.