Sulaymaniyah: The price of an ounce of gold drops by more than $200 in a matter of hours, leaving traders in a predicament
Sulaymaniyah: The price of an ounce of gold drops by more than $200 in a matter of hours, leaving traders in a predicament
2026-02-02 04:00
Shafaq News – Sulaymaniyah
On Monday, the gold and silver markets in the city of Sulaymaniyah witnessed a significant decline in prices, coinciding with a sharp drop in precious metals on global stock exchanges at the opening of trading.
An ounce of gold lost more than $200 in just a few hours, while precious metals suffered daily losses of nearly 6%, the biggest drop in months.
According to global market indicators, the price of an ounce of gold stabilized at around $4,543, following a widespread sell-off led by investors seeking to reduce risks, driven by the rise of the US dollar, while the price of silver fell by about $321 per kilogram, to trade around $2,422.
This decline was directly reflected in the markets of the Kurdistan Region, as local prices recorded a clear decrease, with the price of a mithqal of 21-karat gold reaching about 951,000 dinars, 18-karat gold reaching about 816,000 dinars, while the price of 24-karat gold reached about 1,086,000 dinars.
In this regard, Diyari Ali, a silver trader in Sulaymaniyah, told Shafaq News Agency that “the market has witnessed a clear decrease in gold and silver prices since the morning hours, in line with the global decline,” explaining that “silver was more affected as a result of the speed of its fluctuations, which led to a slowdown in buying and selling activity and anticipation by customers.”
He added that “a number of traders preferred to wait until prices stabilized, while others resorted to selling for fear of a continued decline.”
For his part, Jabbar Kuran, spokesman for the currency market in Sulaymaniyah, explained to Shafaq News Agency that “the main reason for this decline is due to the rise of the US dollar, as the strength of the currency usually puts pressure on the prices of precious metals denominated in dollars.”
He pointed out that “the local market is directly linked to global prices and the exchange rate, which means that any external change is immediately reflected in the trading activity within the city.”
According to Kuran, the volume of demand has decreased relatively today compared to previous days, amid a state of caution among traders and consumers.
Meanwhile, Baqer Dawood, a media expert, told the agency that “part of the sharp fluctuations in the markets are related to psychological and media factors more than purely economic ones,” explaining that “some traders are influenced by international political statements and make hasty decisions to buy or sell.”
He added that “controversial statements sometimes made by political figures, such as US President Donald Trump, regarding monetary policy or the leadership of the Federal Reserve, contribute to creating waves of immediate speculation, which exacerbates market turmoil and causes losses for some traders.”
This decline comes after a period of record highs for precious metals last year, before they entered a price correction phase influenced by the strength of the dollar and changing investor sentiment globally.
shafaq.com
