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Gold prices today in Iraq, Thursday, December 1, 2022.. a mass decline

Gold prices fell today in Iraq during Thursday, December 1, 2022 dealings, for all calibres in the local markets.

This decline comes despite the rise in the prices of the precious metal in the global markets, but the steadfastness of the Iraqi dinar in the face of the US dollar enabled the local gold market to ignore the global rise.

And enabled cash flows in US dollars as a result of the sale of Iraqi oil, the dinar to witness steadfastness against the dollar.

The Iraqi news Agency, quoting a senior official of the Iraqi Oil Export Company “SOMO”, recently stated that the company has a plan to increase the daily Iraqi oil export rate by 250,000 barrels per day during the second half of next year, bringing the export rate to about 3.6 million barrels per day.

The assistant general manager of the company and the representative of Iraq in OPEC, Muhammad Saadoun Mohsen, had stated that the daily export rate currently stands at 3.35 million barrels per day.

And “SOMO” had announced earlier that the OPEC Plus decision to cut production did not reduce Iraqi oil exports.

Gold prices in the global markets witnessed a recovery amid hopes that the US Federal Reserve (the central bank in the United States) will retreat from its hawkish approach to raising interest rates during its next meeting.

Gold price in Iraq

The price of a gram of 24 carat gold decreased in today’s trading in Iraq, at about 83 thousand dinars ($ 57.24), compared to 83.074 thousand dinars during yesterday’s trading.

21 karat gold price in iraq

The price of a gram of 21 carat gold also decreased in Iraq, at 72.627 thousand dinars ($50.08), compared to 72.692 thousand dinars at the end of yesterday’s trading, according to the “gold-mark-nowadays.com” platform specialized in monitoring gold prices.

The price of a gram of 18 carat gold reached 62.251 thousand dinars (42.93 dollars), compared to 62.307 thousand dinars at the end of the previous day’s trading.

As for the price of a gram of 12 carat gold, it witnessed a decline in Iraq today, Thursday, at about 41,500 thousand dinars (28.62 dollars), compared to 41,537 thousand dinars during the previous day’s trading.

The price of an ounce and a pound of gold

The price of an ounce of gold in Iraq recorded about 2.581 million dinars (1780 dollars), while the gold pound recorded a level of 581.013 thousand Iraqi dinars (400.68 dollars).

Global gold prices today

Gold prices jumped to a two-week high during early Asian trade on Thursday.

This rise came after a speech by Federal Reserve Chairman (US Central Bank) Jerome Powell, which reinforced expectations of raising US interest rates at lower rates than before.

By 0039 GMT, spot gold rose 0.4% to $1,775.77 an ounce, after touching the highest level since November 16.

US gold futures rose 1.7%, to reach about $1,788.90 an ounce.

Powell said on Wednesday that it is time to slow down the pace of the next hike in US interest rates.

Market investors are now widely expecting the US central bank at its next meeting in December to raise interest rates by 50 basis points.

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