Today, Thursday, October 29, 2026, gold prices in Iraq maintained their high levels, as the weight of 21 karat gold traded near the 950 thousand dinars barrier in the wholesale markets in the capital, Baghdad, according to data from the “Al-Mashhad” platform, coinciding with the decline of the global ounce and anticipation of the release of US inflation data, and following the Federal Reserve’s decision to stabilize interest rates.
In the details of prices in the wholesale markets on Al-Nahr Street in Baghdad, the price of a 21-carat gold weight (weighing 5 grams) for Gulf, Turkish and European gold was about 950 thousand dinars for sale, and 946 thousand dinars for purchase, compared to 940 thousand dinars last Tuesday. While the price of the weight of Iraqi gold reached about 920 thousand dinars for sale and 916 thousand for purchase. As for Erbil, a 21-carat Mithqal recorded about 962 thousand dinars, amid expectations that gram trading will continue near the levels of 170 thousand dinars, supported by the strength of the dollar in the parallel market, and despite the decline in local demand and global price fluctuations.
In terms of different karats in Iraq, the price of a gram of 24 karat gold was about 197,800 dinars, 21 karat was about 173,000 dinars, and 18 karat was about 148,300 dinars. In Erbil, a 22-gauge mithqal recorded about 1,770,000 dinars, while an 18-gauge mithqal amounted to about 824,000 dinars. It should be noted that these prices are indicative and subject to change throughout the day, and vary from one store to another and from one governorate to another according to workmanship wages and the type of gold, whether it is Iraqi, Gulf, or foreign.
Globally, the yellow metal recorded a decline in spot transactions by 0.7%, reaching $4,039.26 per ounce, while US futures contracts for December delivery settled at $4,051, under pressure from the stability of the US dollar, which raises the cost of holding the metal for dealers in other currencies. Investors are cautiously awaiting data on personal consumption expenditures in the United States, which is the Federal Reserve’s preferred main indicator for tracking inflation with the aim of reaching the 2% target.
This comes after the Federal Reserve, headed by Kevin Worsh, kept interest rates unchanged at a range between 3.75% and 4% on Wednesday as expected, while postponing any adjustment in borrowing costs until after the midterm elections next week, indicating that inflation “remains high.”
According to the “Fed Watch” tool, traders are pricing in a 78% probability of raising interest next December, down from 84% before the decision was issued, amid continuing fears of inflationary pressures associated with rising energy prices, and the possibility of the central bank continuing to pursue a tight monetary policy throughout 2027. Given that high interest rates raise the opportunity cost of holding non-returning gold, prices in the Iraqi market and global markets remain vulnerable to a decline in If the US Federal Reserve raises interest rates again.
