Gold prices fell today in Iraq, during trading Monday, April 11, 2022, in parallel with the decline in the price of the precious metal in global markets.
Gold price today in Iraq
A gram of 24 karat gold in morning trading in Iraq amounted to 91.2 thousand dinars (62.5 dollars).
The price of 21 karat gold today in Iraq
A gram of 21 karat gold today in Iraq (the most traded in the market) amounted to 79,802 thousand dinars ($54.69).
The price of a gram of 18 karat gold also fell today in Iraq at 68.401 thousand dinars ($ 46.88).
As for economic gold prices today in Iraq, the price of a gram of 14 karat gold recorded regarding 53.2 thousand dinars ($ 36.46).
The price of an ounce and a pound of gold in Iraq
And the price of an ounce of gold in Iraq was 2.836 million dinars (1944 dollars), and the price of the gold pound today in Iraq (8 grams of 21 carat) was 638,415 thousand dinars (437.52 dollars).
And data from the Iraqi Oil Marketing Company (SOMO) stated that Iraq pumped 4.15 million barrels per day of oil last March, which is 222 thousand barrels per day less than the production share under an agreement with other producers in the OPEC + group.
The data showed that Iraq’s production last March was 112,000 barrels per day lower than in February.
Iraq, like a number of other OPEC members, is finding it difficult to pump more oil at a time when global supplies are already scarce and prices are rising.
Global gold prices
Globally, gold prices fell in range-bound trading on Monday, as higher dollar Treasury yields reinforced this decline.
While palladium continued its gains, which were fueled by London’s decision to ban the metal from trading in Russia.
Spot gold was down 0.2% at $1,941.95 an ounce, as of 0452 GMT, following hitting a one-week high of $1,49.32 earlier in the day. US gold futures settled at 1945.70 dollars.
“Gold continues to trade sideways and this reflects the mixed currents we are looking at. There remains real concern regarding the geopolitical outlook and potential for escalation in Ukraine,” said Michael McCarthy, chief strategist at Tiger Brokers in Australia.
“At the same time, the rising US dollar and the prospect of higher interest rates around the world are dampening enthusiasm for gold,” he added.
The US Dollar Index (DXY.) rose following crossing 100 points for the first time in nearly two years on Friday, boosted by prospects of a rate hike by the US Federal Reserve to contain spiraling inflation.
A strong dollar makes gold less attractive to other currency holders.
The benchmark 10-year yield added another seven basis points to reach a more than three-year high of 2.77%, as the Federal Reserve prepares to cut its asset holdings and raise interest rates sharply.
Higher interest rates and yields in the US increase the opportunity cost of holding bullion, which is also used as a hedge once morest rising inflation.
Russian forces pounded targets in eastern Ukraine with missiles and artillery on Sunday, providing some support for the safe haven mineral.
Palladium rose 2.6 percent to $2,487.83, following hitting its highest level in more than two weeks earlier in the session.
The auto-catalyst metal rose 8.6 percent on Friday following trading of newly refined Russian platinum and palladium was suspended in London, the metals’ biggest trading hub.
Spot silver prices fell 0.2 percent to $24.69 an ounce, and platinum rose 0.5 percent to $979.97.
