Decline in Gold Prices Due to Decreasing Demand in Gold Markets

On Monday, a famous economist predicted that the lower price of gold in Iraqi markets is referred to the downfall in the global gold prices and decreasing demand in the Iraqi gold markets. He further said that the global decline in the gold prices much affected the Iraqi gold markets. The variation in gold prices caused the downfall in global gold price and now it is at its lowest level in last five years. He also added that the Iraqi gold markets have their own worth and rising demand can cause in increasing price of gold except the global low prices of gold. It also depends on the Iraqi social, economic, financial and security conditions. This precious yellow metal is being used since decades in saving the Iraqi currency and to maintain the exchange rate of Iraqi dinar.

It is also said that Iraq is experiencing a worst security conditions and young Iraqi people are fighting against Daash terrorists and other militant groups in order to save their homeland. The presence of more than four million displaced Iraqi people and they should find a most secure environment in order to continue their daily routine activities of life. He added that global low gold price would change the global oil price per barrel. It will be beneficial in order to manage the Iraqi budget deficit and low gold prices also helpful for the Iraqi gold markets. The gold price of 21 carat in the Iraqi local markets is at 184 000 Iraqi dinars per weight as it was at 200 000 before the month of July 2015.

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