Getting IQD Profits Out of Iraq Using Gold? The Answer is No, Read Why
In Baghdad and Erbil, the Kurdistan Region's capital, gold prices fell "foreign and Iraqi" on Saturday, 9/30/23.
The wholesale gold prices on River Street in Baghdad, the sale price of one 21-carat of Gulf, Turkish, and European gold was 403,000 dinars, and the purchase price was 399,000.
To find out your potential profits, compare the gold prices in the United States with the gold prices in Iraq. You can purchase gold in Iraq and either ship it to yourself or carry it. If you carry the gold, you will need to report it when entering the United States.
We are not sure what, if any, problems would occur when leaving Iraq. However, purchasing pure gold jewelry for your wife or mother is surely acceptable. Just a thought because gold is an international investment.
Erbil's gold prices recorded stability, as 24-carat gold sold for 480 thousand dinars, 21-carat sold for 420 thousand dinars, and 18-carat sold for 360,000 dinars.
But here's the deal:
Gold is traded all over the world and is most often transacted in U.S. Dollars. However, gold can also be transacted in any other currency after appropriate exchange rates are considered. However, theoretically, gold's price should remain the same worldwide. This makes sense, given that an ounce of gold is the same whether it is purchased in the United States or Asia.
Basically, the answer is NO. Buying gold in Iraq and trading it in the United States would only result in a profit when gold prices increase globally.
Gold prices are constantly changing, and below are nine of the major reasons why:
- Central bank activity
- Monetary policy
- Interest rates
- Currency market activity
- Inflation/deflation
- Geopolitics
- Risk appetite or aversion
- Jewelry demand
- Investment demand
