“Including fleeing from the dollar.” Revealing the reasons for the rise in gold prices in Baghdad, 10 MARCH

 “Including fleeing from the dollar.” Revealing the reasons for the rise in gold prices in Baghdad

Salah Nouri told {Al-Furat News} agency, “Gold in general is a commodity for saving, as it is a precious metal, and at the level of central banks it is considered an investment and reserve for the local currency.”

He added, "The increase in gold jewelry that is happening at the present time results from the increase in demand for it. When demand for every commodity increases, its price rises, and so far this is economically logical."

Nouri added, "But more importantly, why has the demand for gold jewelry increased at the present time? I think that the citizen tends to save in it instead of the dollar, and this is a weak reason. It is more likely that traders speculating in the dollar are turning to gold instead of the dollar for reasons of speculation or smuggling, because Individual citizens’ need for gold jewelry is limited to special occasions.”

Meanwhile, an informed source told {Al-Furat News} that one of the reasons for the rise in gold prices was due to “citizens’ weak confidence in banks, so they withdrew the amounts deposited in the banks and turned to gold.”

Local markets in Baghdad are witnessing a rise in gold prices, as the selling price of a gram reached {the mithqal}. 465 thousand dinars.   link