Gold prices in Erbil by karat
Erbil quotes gold in three karats, 22k, 21k and 18k, all per mithqal (5 grams). 22k is 91.7% pure gold, 21k is 87.5% and 18k is 75%.
Per gram today (the mithqal price ÷ 5): IQD 207,000 for 22k, IQD 198,000 for 21k and IQD 169,400 for 18k.
Quoted prices exclude the making charge, and Iraq has no VAT on gold.
Erbil prices against Baghdad’s wholesale market
Baghdad’s reference price is the wholesale price on Al-Nahr Street, where 21k is quoted in two grades, “Gulf, Turkish and European” and “Iraqi”. The daily market report gives Erbil one price per karat.
Today a 21k mithqal is IQD 990,000 in Erbil against IQD 974,000 for Gulf-grade gold on Baghdad’s wholesale market and IQD 944,000 for Iraqi-grade gold. The gap changes from day to day, and prices in both cities follow the world price and the market dollar.
Gold price in Erbil in US dollars
The market report gives Erbil prices in Iraqi dinars. To convert them, divide by the market dollar (IQD 1,683 today), not the official rate (IQD 1,520), because gold in Iraq is priced at the market dollar.
On that basis a mithqal costs about $615 for 22k, about $588 for 21k and about $503 for 18k, and a gram of 21k about $117.68. The world price of a 21k gram is $116.30 right now.
Before you buy gold in Erbil
- Ask for the price per mithqal and per gram, and check the karat of the piece.
- Ask for the making charge before the piece is weighed, and compare shops.
- Iraq has no VAT on gold, so the final price is the gold plus the making charge.
- If you think in dollars, convert at the market dollar, not the official rate.
- Ask for an invoice with the weight, karat, mithqal price and making charge.