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Category: Gold

Fluctuation in Gold Prices and 20 Billion Iraqi Dinars allocated for Nineveh Province

Fluctuation in Gold Prices and 20 Billion Iraqi Dinars allocated for Nineveh Province

On Wednesday, gold prices rose because investors were tentative in expectation of a trade agreement between China and the United States. The demand for precious metals often considered a safe haven supported by concerns regarding the growth of the global economy. The spot gold increased by 0.1% to 1,485.25 USD per ounce. Gold has shown its major one-day percentage drop on Tuesday, since the end of September at 1.7%. The U.S gold futures increased by 0.2% to 1486.90 USD. It…

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Iraq maintains its 5th position in Arab countries with largest gold reserves

Iraq maintains its 5th position in Arab countries with largest gold reserves

The World Gold Council has announced that Iraq maintained its global position with the largest gold reserves. It represents 7% of the rest of its currencies. The Council said in a statistical published on its website. It says, “Iraq has maintained its fifth position in the Arab world, which came after each of Saudi Arabia, Lebanon, Algeria, and Libya. It indicates the last purchase of Iraq gold was in September from 2018 and by 6.5 tons”. The council also said…

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Gold Prices Fell after marking its Highest Level in Past 6 Years

Gold Prices Fell after marking its Highest Level in Past 6 Years

Gold prices have shown their highest level in at least past 6-years on Tuesday. Most investors backed off from more sensitive assets because of concerns surrounding Hong Kong protests and the collapse of the Argentine currency following fears of a Global Economic Slowdown. The spot gold rose 0.3% to 1515.56 U.S dollars/ ounce at 0518 GMT, after hitting its highest level since April 2013 at 1518.03 U.S dollars. The U.S gold futures rose 0.6% to 1,526.90 U.S dollars/ ounce. Hong…

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Gold Prices increase and announcement from Iraqi Trade Bank

Gold Prices increase and announcement from Iraqi Trade Bank

The gold prices have shown an increase on Wednesday due to increasing tensions in the Middle East. It prompts investors to buy a safe and precious metal. But, the gains were limited because of an increase in the U.S dollar’s price and potential progress in China-U.S trade negotiations. The gold rose 0.3% to 1,420.70 U.S dollars per ounce after hitting its lowest level since July 17, 2019, at 1,413.80 U.S dollars per ounce in the previous session. The price of…

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Decline in Gold prices due to slow demand following decisions of Federal Reserve

Decline in Gold prices due to slow demand following decisions of Federal Reserve

On Wednesday, gold price fell in the European market with a continuous 3rd loss in the last 4 days. The investment demand showed a significant amount of decrease for gold. The recent move was following the decisions of Federal Reserve at the end of its monitory policy meeting. The agency is expected to include clear evidence of U.S interest rate cuts during current year. It is noteworthy that gold prices declined by 0.3% to trade at $1,342.45/ ounce from the…

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Iraqi Central Bank has expanded its database of exchange rate and gold prices

Iraqi Central Bank has expanded its database of exchange rate and gold prices

The Iraqi Central Bank issued a statement on its website to explain that CBI has worked to expand the exchange rates and gold prices database. The statement said this rule contains the daily and monthly exchange rates of Iraqi dinar against other currencies. The CBI is also responsible to maintain the U.S dollars exchange rate and gold prices. The statement indicated the availability of reference to these measures by all beneficiaries without the need to request through paper correspondence. It…

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Iraq ranked 5th in Arab Gold Reserves and 37th in the World

Iraq ranked 5th in Arab Gold Reserves and 37th in the World

On Tuesday, the Central Bank of Iraq announced that the growth of foreign reserves increased by 32.6% in 2018. The CBI also announced the arrival of 96 tons Iraqi gold reserves. A foreign reserves report has indicated positive performance in 2018 compared to 2017 because foreign reserves rose by 32.6%. It shows the positive difference between the U.S dollar purchases from the Ministry of Finance and sales through a sales window foreign currency. The profits realized from the proceeds of…

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Iraqi Gold Reserves have increased significantly: World Gold Council

Iraqi Gold Reserves have increased significantly: World Gold Council

The latest report of the World Gold Council showed central banks in the world bought around 651.5 tons of gold in 2018. The report pointed out that Russia and Turkey had raised their reserves at the expense of the dollar. Some countries including Iraq, India, China, and Kazakhstan were among the top gold buyers during 2018. The data shows Iraq increased its reserves during last year by 6.45 tons and brought its total gold holdings to 96.3 tons. The report…

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