He said a chapel, named Abu Anwar told the “Voices of Iraq,” The World gold prices “affect the moment by moment, and directly to local gold price, as the price changed several times per day depending on stock price movements follow through wholesale markets across the satellite channels that broadcast prices First first, “adding that” there is an equation known to jewelers to calculate the prices of World Gold dinar, as the recent rise of gold make the price of locally up to 278 000 dinars for the weight of 24 carat, which is one of the gold ore and is fit for the formulation, and gold top level of the formulation is the caliber 21 which went 24 plus a few additions and are calculated without the price of drafting, the wording added by the amount of which ranges between 15 to 20 thousand depending on the type and weight of the gold golden. “
According to Abu Anwar, the Iraqi market, “open to the Gulf markets from which the majority of gold traded now after the decline of manual work in Iraq, and witnessing the Gulf want the biggest in the market and due to the fact that the Gulf market based on World gold prices, the Iraqi market be affected either at the international gold Unlike some countries in the region that is considered the gold market is closed, such as Egypt, “pointing out that the rise in gold prices locally,” has caused a decline in demand, although we have entered in this festive season, which was witnessed cases of purchase of large gold and jewelry. “
According to Deputy Governor of the Central Bank of Iraq that the “gold as a store of currency is a price more stable currency value, where she had many of the states to use as a cover is not an official reserves by the tremors experienced by the major currencies as dollar and the euro as a kind of hedge to avoid losses in case of low value foreign currency, “adding,” Iraq’s difficult to buy gold through a lid of some cash because his international claims, in addition to the cover that is gold does not cover critically recognized in the International Monetary Fund. “
He said that buying gold in large quantities from the global markets “will raise the prices under the laws of supply and demand, added to the decline in value of major currencies, which in turn causes higher prices.”
And saw the gold markets during the past three years a big increase reached twice the price of gold than it was in 2008, where the price was recorded at 820 to $ 840 an ounce.
With the end of 2009 through the barrier of $ 1,100, before rising steadily to 1510 dollars in the month of May.
He continued to gold prices rise, recorded the last three months the biggest increase in the value of gold with the emergence of a crisis in the U.S. economy, record high beyond $ 330 an ounce within 3 months, recording a price of 1841 dollars per ounce in the spot markets, which led to higher prices locally.