Gold prices steady in Baghdad, climb in Erbil
On Wednesday, gold prices remained stable in Baghdad, while edging higher in Erbil markets.
A survey by Shafaq News Agency recorded a selling price of 668,000 IQD per mithqal (equivalent to five grams) for 21-carat gold on Baghdad's Al-Nahr Street, covering Gulf, Turkish, and European varieties, with a buying price of 664,000 IQD.
The selling price for 21-carat Iraqi gold was 638,000 IQD, with a buying price of 634,000 IQD.
The selling price per mithqal of 21-carat Gulf gold in jewelry stores ranged between 670,000 and 680,000 IQD, while Iraqi gold sold for between 640,000 and 650,000 IQD.
In Erbil, 22-carat gold was sold at 696,000 IQD per mithqal, 21-carat gold at 665,000 IQD, and 18-carat gold at 570,000 IQD.
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Khor Mor compared with other Iraqi gas fields According to a report by the US Energy Information Administration (EIA) last month, Iraq's total gas reserves are approximately 131 trillion cubic feet, and the production level compared to reserves can be said to be zero or a rate of 0.00087 percent. Meanwhile, the Kurdistan Region's total reserves are 33 trillion cubic feet, but the production level by the end of this year will reach 1.025 billion cubic feet, meaning that while the Region's reserves constitute one-quarter or 25.19 percent of Iraq's gas reserves, its production level has reached close to Iraq's, despite the fact that only in 2024, 48 percent of Iraq's investment budget went to the oil ministry, amounting to more than $12 trillion. This advancement in the Kurdistan Region's natural gas investment traces back to the story of Khor Mor and Crescent Petroleum company and its partners, who started in 2008 and have continuously invested in it. 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According to EI data for 2024, the difference between production and demand for natural gas in Iraq is 750 million cubic feet per day, despite all signed contracts and projects of the oil ministry during this cabinet's term. Iraq can benefit from this advancement and development of the Kurdistan Region's natural gas in two ways: either buy the gas and transfer it to electricity generation stations as it attempted in the past for purchasing for electricity generation stations like Kirkuk, or buy electricity from production companies in the Kurdistan Region, because increased natural gas in the future will enable the Kurdistan Region to produce more electricity due to infrastructure that can produce up to 8,000 megawatts and double or triple the level of sales to Iraq. Another reality about the natural gas investment sector is that it is very complex and long-term, and requires significant capital. The Kurdistan Region potentially reaching close to the amount produced in Iraq over five decades in less than two decades, and becoming one of the pioneering natural gas production projects in this region and the Middle East means that federal Iraq will certainly shift from being an observer of gas-exporting countries to being a natural gas supplier in the coming years. However, it should not be overlooked that this expansion was delayed for three years due to security conditions, so this transformation requires ensuring security and safety now and in the future. Finally, the continued development of this sector in the Kurdistan Region can establish its position as a new energy source in the era of energy transition and become a factor in distancing or reducing Baghdad's dependence on Tehran's gas and Ankara's electricity. Mahmood Baban is a research fellow at the Rudaw Research Center. The views expressed in this article are those of the authors and do not necessarily reflect the position of Rudaw.
