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Iraqis...saving in gold instead of the dollar
Time: 08/18/2024 22:18:05 Read: 1,859 times
{Economic: Al-Furat News} Iraqis tend to save in gold instead of the dollar, which causes its continued rise in the local market.
Economist Salah Nouri told Al-Furat News:
“Gold for government institutions and individuals is an investment haven as an alternative to the dollar in the event that the price of the dollar rises.” He stressed,
"The increasing demand for gold leads to a continuous rise in its price." According to Nouri’s statement,
“There is almost certain information that the situation is intertwined between some citizens’ tendency to save in gold instead of dollars, and others to smuggle it out of Iraq after the difficulty of dollar transfers.”
While experts believe that citizens resorting to buying gold is due to the weakness of the banking system.
This was confirmed by financial affairs expert Mustafa Hantoush, saying that the
reason citizens resort to buying gold bullion to save their money is as a result of the
weakness of the banking system,
lack of confidence in this system, and
fear for their money due to American sanctions.
This is why we see the majority of Iraqis turning towards gold bullion, especially in light of the rise in prices.
The yellow metal and this price is stable and does not fluctuate like the dollar.
Today, Sunday, gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, recorded a selling price of 21 karat gold from Gulf, Turkish and European gold at 531 thousand dinars, and a purchase price of 527 thousand dinars.
The selling price of one mithqal of 21 carat Iraqi gold was recorded at 501 thousand dinars, and the purchase price reached 497 thousand.
Regarding gold prices in goldsmiths’ shops, the selling price of a 21-carat Gulf gold mithqal ranges between 535 thousand and 545 thousand dinars, while the selling price of an Iraqi gold mithqal ranged between 505 thousand and 515 thousand dinars.
As for gold prices in Erbil, 24-karat gold sold for 605 thousand dinars, 21-karat gold sold for 530 thousand dinars, and 18-karat gold sold for 455 thousand dinars.
https://alforatnews.iq/news/العراقيون-الادخار-بالذهب-بدلاً-من-الدولار
Time: 08/18/2024 22:18:05 Read: 1,859 times
{Economic: Al-Furat News} Iraqis tend to save in gold instead of the dollar, which causes its continued rise in the local market.
Economist Salah Nouri told Al-Furat News:
“Gold for government institutions and individuals is an investment haven as an alternative to the dollar in the event that the price of the dollar rises.” He stressed,
"The increasing demand for gold leads to a continuous rise in its price." According to Nouri’s statement,
“There is almost certain information that the situation is intertwined between some citizens’ tendency to save in gold instead of dollars, and others to smuggle it out of Iraq after the difficulty of dollar transfers.”
While experts believe that citizens resorting to buying gold is due to the weakness of the banking system.
This was confirmed by financial affairs expert Mustafa Hantoush, saying that the
reason citizens resort to buying gold bullion to save their money is as a result of the
weakness of the banking system,
lack of confidence in this system, and
fear for their money due to American sanctions.
This is why we see the majority of Iraqis turning towards gold bullion, especially in light of the rise in prices.
The yellow metal and this price is stable and does not fluctuate like the dollar.
Today, Sunday, gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, recorded a selling price of 21 karat gold from Gulf, Turkish and European gold at 531 thousand dinars, and a purchase price of 527 thousand dinars.
The selling price of one mithqal of 21 carat Iraqi gold was recorded at 501 thousand dinars, and the purchase price reached 497 thousand.
Regarding gold prices in goldsmiths’ shops, the selling price of a 21-carat Gulf gold mithqal ranges between 535 thousand and 545 thousand dinars, while the selling price of an Iraqi gold mithqal ranged between 505 thousand and 515 thousand dinars.
As for gold prices in Erbil, 24-karat gold sold for 605 thousand dinars, 21-karat gold sold for 530 thousand dinars, and 18-karat gold sold for 455 thousand dinars.
https://alforatnews.iq/news/العراقيون-الادخار-بالذهب-بدلاً-من-الدولار
