Gold plunges as global selloff hits Kurdistan markets

2026-02-02 - 13:26

Shafaq News– Al-Sulaymaniyah Gold prices fell more than $200 to $4,543 per ounce on Monday, marking their steepest daily decline in months, as a stronger US dollar triggered heavy selling across global metal markets. According to international market data, gold slid nearly 6% in early trading, while silver also declined sharply, as investors reduced exposure amid a broader risk-off move. The global selloff was reflected in Al-Sulaymaniyah, where the price of 21-carat gold fell to about 951,000 Iraqi dinars per mithqal. Eighteen-carat gold dropped to roughly 816,000 dinars, while 24-carat gold declined to around 1.086 million dinars. Market participants attributed the decline primarily to the appreciation of the US dollar, which typically weighs on dollar-denominated commodities, including precious metals. The fall follows a prolonged rally that pushed gold and silver to record highs late last year and into the start of 2026.