Global Gold Divergence
Gold Prices Diverge Globally as Soft US Inflation Alters Market Expectations
Anonymous
Key Points
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In Baghdad, 21-karat Gulf, Turkish and European gold sold for 920,000 IQD per mithqal, down from 930,000 the previous day; 21-karat Iraqi gold sold for 890,000 IQD.
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Erbil prices varied by purity: 22-karat gold sold for 970,000 IQD per mithqal, 21-karat for 926,000 IQD and 18-karat for 794,000 IQD.
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Alongside gold’s rise, spot silver gained 1.2% to $61.11 an ounce; platinum rose 0.7% to $1,717.35 and palladium added 0.3% to $1,207.12.
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In Jordan, the buying price for 21-karat gold was JOD 81.30 per gram; 24-karat and 18-karat gold were listed for sale at JOD 97.70 and JOD 75.40 per gram, respectively.
Gold prices moved in opposite directions across global markets Thursday as softer U.S. inflation data boosted international bullion prices. Zee News reported that spot gold rose, while Iraq's 21-karat gold prices in Baghdad and Erbil fell compared to the previous day. The mixed signals reflect diverging economic pressures in different regions.
Weaker-than-expected inflation reduced bets on an October rate hike, lifting international gold and other precious metals. Business Today noted silver gained 1.2% to $61.11 per ounce, platinum rose 0.7% to $1,717.35, and palladium added 0.3% to $1,207.12 as traders awaited U.S. jobs data.
Baghdad and Erbil Gold Prices Decline
In Baghdad, 21-karat gold from the Gulf, Turkey, and Europe sold for 920,000 Iraqi dinars per mithqal Thursday, down 10,000 dinars from Wednesday. Iraqi-origin 21-karat gold dropped to 890,000 dinars per mithqal. Kitco tracked the pricing shifts as regional demand softened alongside currency movements.
Erbil's gold market showed varied pricing by purity level. 22-karat gold sold for 970,000 IQD per mithqal, 21-karat for 926,000 IQD, and 18-karat for 794,000 IQD. The price drops reflected weakness in Iraqi demand despite strength in international markets.
Jordan's 21-Karat Gold Edges Higher
Jordan bucked the regional decline. Sunday Guardian Live reported that 21-karat gold rose 70 fils per gram Wednesday to 85.10 dinars at jewelry stores. The buying price for 21-karat gold stood at 81.30 dinars per gram, while 24-karat sold at 97.70 dinars and 18-karat at 75.40 dinars per gram.
International Precious Metals Rally on Inflation Relief
Global precious metals benefited from softer inflation data reducing rate-hike expectations. Spot silver gained 1.2% to $61.11 per ounce as traders positioned for weaker interest rates ahead. Robinhood tracked gold futures positioning as markets digested the shift in Federal Reserve expectations before October employment numbers arrived.
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