
Gold prices dip in Baghdad and Erbil markets
On Wednesday, gold prices inched lower in Baghdad and Erbil markets.
A survey by Shafaq News Agency recorded a selling price of 657,000 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 653,000 IQD.
The selling price for 21-carat Iraqi gold was 627,000 IQD, with a buying price of 623,000 IQD.
The selling price per mithqal of 21-carat Gulf gold in jewelry stores ranged between 660,000 and 670,000 IQD, while Iraqi gold sold for between 630,000 and 640,000 IQD.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Shafaq News
2 hours ago
- Shafaq News
Sales slump across Iraq: Deeper slowdown imminent
Shafaq News – Baghdad Sales across Iraqi markets have fallen by more than half, the Baghdad Chamber of Commerce reported, attributing the decline to weakening construction, investment, and consumer spending. Chamber spokesperson Rashid al-Saadi revealed to Shafaq News that real estate activity has nearly ground to a halt, pulling down sectors such as transportation, building materials, and daily labor—essential pillars of local commerce. Currency exchange offices have also seen a drop in transactions, a trend linked to the dinar's appreciation against the US dollar. He credited the currency's strength to joint measures by the Central Bank of Iraq and international partners, including the US Federal Reserve. Yet the shrinking gap between official and parallel exchange rates has curbed travel and reduced market liquidity, further slowing activity. Economist Ahmed Abedrabbo described the current phase as one of clear economic contraction, driven by eroding purchasing power, limited public expenditure, and lingering inflationary pressures. Although inflation was measured at just 2.2% in the first quarter of 2025, demand remains weak—particularly in non-essential sectors. 'Without swift policy action, this stagnation risks sliding into a deeper recession,' Abedrabbo told Shafaq News, urging structural reforms, targeted incentives, and better fiscal coordination to revive growth. Researcher Ahmed Eid pointed to long-standing systemic flaws—including delayed budgets, inefficient planning, and persistent political interference—as key factors fueling the crisis. 'Corruption and weak institutions have bled public funds and stalled investment,' he said. Eid also warned that Iraq's heavy dependence on consumption, in the absence of strong domestic production, leaves the economy highly vulnerable to external shocks. Offering a monetary perspective, economist Safwan Qusay acknowledged ongoing pressures but emphasized that Iraq still holds over $97B in reserves, enabling the Central Bank to stabilize the exchange rate and support trade. "State-backed housing projects have sustained demand for construction materials and created job opportunities, while Central Bank initiatives continue to assist small businesses and local industry," he added. Despite global inflationary trends, Qusay argued that Iraq's ration card system, food subsidies, and a stable dinar have helped shield domestic prices from broader economic turbulence. "Still, long-term resilience hinges on boosting non-oil revenues, cutting gas flaring, and accelerating investment in power and industry to secure economic self-reliance."


Iraq Business
6 hours ago
- Iraq Business
Iraqi Drilling Company to Spend $172m on New Equipment
By John Lee. The Iraqi Drilling Company (IDC) is set to expand its operations following a high-level meeting chaired by Bassem Mohammed Khudair, Deputy Minister of Oil for Upstream Affairs, at the company's headquarters. The session was held in line with directives from Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani. Attendees included Basim Abdul Karim Nasser, Director General of Basra Oil Company (BCO), IDC Director General Hassan Mohammed Hassan, and senior company officials. The Ministry reiterated its commitment to enhancing IDC's technical and operational capacity to increase revenue and its role in strategic projects. Deputy Minister Khudair confirmed that the Cabinet has approved a budget allocation of 250 billion Iraqi dinars (~$172 million) for the procurement of new drilling and workover rigs. He expressed gratitude to Prime Minister Mohammed Shia Al-Sudani and Minister Hayan Abdul Ghani for securing the approval and supporting IDC across all fronts. The Ministry plans to provide IDC with more drilling and workover projects and enable the company to enter partnerships with upstream operators to secure direct production shares-diversifying revenue streams. Khudair also emphasised the importance of adhering to occupational health, safety, and environmental (HSE) standards, intensifying training programmes, and upholding rigorous safety protocols. IDC's Director General outlined the company's technical and operational capabilities, noting that most operational challenges are being resolved. He praised the performance of national staff for their efficiency and dedication. Basra Oil Company's Director General also commended IDC's expertise, highlighting the spirit of national collaboration between oil sector companies and their role in delivering strategic projects that bolster Iraq's economy and production capacity. (Source: Ministry of Oil)


Shafaq News
9 hours ago
- Shafaq News
Iraq-Turkiye pipeline dispute: Billions in damages unresolved
Shafaq News – Baghdad/Ankara The long-running dispute between Iraq and Turkiye over Kurdish oil exports has reached a damaging deadlock, cutting off vital revenues and igniting high-stakes legal battles. According to a report by Eurasia Review, the conflict centers on Turkiye's decision to allow the Kurdistan Regional Government (KRG) to export crude independently between 2014 and 2023, sidestepping Baghdad's authority under the 1973 Iraq–Turkiye Pipeline Agreement. In 2023, the International Chamber of Commerce (ICC) ruled in Baghdad's favor, ordering Ankara to pay $1.4 billion in damages for unauthorized oil transit. Eurasia Review notes that Ankara has not yet paid the full sum and is currently seeking to renegotiate the figure, while interest continues to accumulate. Iraq has since filed a second arbitration case, demanding an additional $3–5 billion for exports carried out between 2018 and 2023.