Advisor to the Prime Minister: The stability of the exchange rate gives relative stability to gold prices , 12 MARCH

 Advisor to the Prime Minister: The stability of the exchange rate gives relative stability to gold prices

3/11/2024

The economic advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the relative stability of gold prices in Iraq due to the value of the dinar.

 Saleh told {Al-Furat News} agency, “What determines gold prices today are the international gold exchanges, noting that the stability of the official Iraqi dinar exchange rate to the dollar gives relative stability to gold prices.” He noted that "the value of gold is exposed to the cycle of global gold assets, which constitutes the basic variable for the price of gold on the global scale, whether rising or falling."

Gold prices took a breather today, Monday, after a series of record highs that came against the backdrop of a slowdown in the labor market in the United States and statements from the US Federal Reserve, while traders awaited the inflation report in the United States in search of new indications of the possible date for reducing interest rates.

Gold settled in spot transactions at $2,177.24 per ounce by 06:02 GMT, while US gold futures contracts fell 0.1% to $2,183.90.

Gold recorded an unprecedented level of $2,194.99 for the fourth day in a row on Friday, after data showed a slowdown in the labor market in the United States.

 The selling price of gram in the local markets in Baghdad today, Monday, is 460 thousand dinars.

Raghad Dahham   LINK

Sir Shawn:  WOW, IMO…..Did you all catch this? 

31.1 grams per ounce @460,000 Dinar per gram
460,000x31.1= 14,306,000 Dinar 
14,306,000~1,310=10,920.61 USD per ounce of gold. WOW

Cleitus:  Also.., IMO, could there be a US treasury bond sell-off from other countries hitting the global scene, thus weakening the dollar and affecting gold prices as well? Seems everything is coming together, IMO. WOW!!

Clare:  SIR_SHAWN I LIKE YOUR THINKING IN POST #22 BUT IT LOOKS LIKE THEY ARE NOT TALKING ABOUT 1 GRAM FOR THAT PRICE imo
THE ARTICLES ARE NOT SO CLEAR CUT AT TIMES….. HERE IS THE MEANING IN ARABIC: Mithqāl (Arabic: مثقال) is a unit of mass equal to 4.25 grams (0.137 ozt) which is mostly used for measuring precious metals, such as gold, and other commodities, like saffron.