Gold market in Basra’s Al-Ashar sees revival ahead of wedding season

BASRA, October 2 — The gold market in central Basra is seeing a resurgence after a period of quiet in recent months when celebrations and events are postponed due to religious commemorations.

Demand is increasing among young couples and women — considered regular customers — but also among buyers looking for stable investments amidst the dollar crisis.

Saif Shaker, a jewelry shop owner, told 964: “There is growing demand among people for purchasing gold during this season, as celebrations and weddings are on the rise. The available types in our shop include Italian, Turkish, and Emirati gold. Italian gold is considered the best in terms of quality, design beauty, and precision, and it is the most requested by customers. Turkish gold comes next, while Emirati gold is less preferred.”

“Most of the gold available in the market is 21-carat, and prices depend on the type of piece, but generally, the price of one Italian mithqal (approximately 4.25 grams) is around 475,000 dinars, while one Turkish or Emirati mithqal costs approximately 465,000 dinars.”

Abbas Radi, another shop owner, shared: “Because of fluctuations in the dollar exchange rate recently, many people have resorted to storing their money in the form of gold. The demand for buying gold bars has recently increased, with various weights available. We start with 1-gram bars, priced at approximately 115,000 dinars, which is considered the most expensive in terms of weight. Bars weighing 100 grams and more are available, and they are sold according to the world gold market price. The best type of bar is Swiss. I advise young people to invest in gold as it is a good investment. Gold prices are constantly rising, and even if they fall, it will not be by much.”

Nourhan Mohammed, a customer, told 964 she was experiencing sticker shock in the market: “I came today with my sister and mother to buy gold for my wedding. I set a budget of 3 million dinars to purchase wedding gold. Gold prices are high, and I did not expect this cost. The smallest piece of gold is priced at over 250,000 dinars.”