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Source: lower the price of gold is due to the fluctuation in global oil
On: Sat 31/12/2011 6:11
□ Baghdad / News
warned a member of the Economic Commission Vice Qusay Friday of the serious decline in the price of gold on the national economy, attributing the decline to the fluctuation of oil prices globally.
Jumaa, according to the Agency (news): The price of gold is directly proportional to the price of oil in world markets any more increased price of oil has increased the price of gold and vice versa, indicating that the local market is closely linked with the impact of the global flows of gold and oil prices globally and lead to its effect on the Iraqi market.
He attributed the reasons for the low price of gold in the recent period to the volatility to oil prices in world markets, as a result of the global economic crisis which threatened Europe and America, which led to the instability of their prices in the world.
and between a member of the Economic Commission representative: to fluctuations in gold prices, the world does not affect significantly on the Iraqi economy, but he also in the verse, but is affected by the economy and directly to oil prices globally, as its income yield unilaterally supported entirely on the oil in the dealings of Foreign Affairs.
It should be noted that the global and local markets experiencing sharply declined in the prices of gold, in recent times than in the the previous period as a result of the global economic crisis.
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