Iraq · IQD · March 2023
Gold Price in Iraq — March 2023
In March 2023, the gold price in Iraq closed at approximately ع.د2,594,436 per troy ounce, equivalent to ع.د972,929 per tola or ع.د83,413 per gram. This represents a +3.50% change on the month (ع.د2,506,670 open → ع.د2,594,436 close).
Open
ع.د2,506,670
per troy ounce
Close
ع.د2,594,436
per troy ounce
High
ع.د2,633,948
per troy ounce
Low
ع.د2,380,297
per troy ounce
All unit prices at March 2023 close — Iraq
| Unit | Weight | Closing IQD price |
|---|---|---|
| Troy ounce | 31.1035 g | ع.د2,594,436 |
| Gram | 1.0000 g | ع.د83,413 |
| 10 grams | 10 g | ع.د834,130 |
| Kilogram | 1,000 g | ع.د83,412,977 |
| Tola | 11.664 g | ع.د972,929 |
Karat-purity breakdown at March 2023 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24K | ع.د83,330 | ع.د971,956 |
| 22K | ع.د76,406 | ع.د891,203 |
| 21KIRAQ STD | ع.د72,986 | ع.د851,313 |
| 18K | ع.د62,560 | ع.د729,697 |
| 14K | ع.د48,797 | ع.د569,163 |
| 10K | ع.د34,783 | ع.د405,711 |
Daily gold price in IQD — March 2023
March 2023 gold market: Banking crisis sends gold back toward $2,000
BullishA banking scare drove a powerful safe-haven rally.
Gold surged in March 2023 as the collapse of Silicon Valley Bank and the rescue of Credit Suisse sparked fears of a wider banking crisis. Safe-haven demand and a sudden repricing of the Fed's rate path drove gold from around $1,810 back toward $2,000.
What drove gold in March 2023
- Silicon Valley Bank collapse (Mar 10)
- Credit Suisse rescue
- banking-contagion fears
- markets pricing in Fed cuts
Key events in March 2023
- Mar 10Silicon Valley Bank fails; safe-haven bid lifts gold
- Mar 19UBS agrees to rescue Credit Suisse; gold nears $2,000
What happened next
Gold held near $2,000 for months as the banking scare lingered and rate-cut bets built.
For gold buyers in Iraq
March proved gold's enduring role as crisis insurance — when banks wobbled, gold was the asset investors reached for.
Key terms this month
- Contagion:
- The spread of financial distress from one institution or market to others, often triggering safe-haven demand.
The 2023 gold market: Banking crisis and another record CB buy year
Silicon Valley Bank failed in March 2023, followed by Credit Suisse rescue. Gold rallied to $2,072 in May, then traded $1,820–$2,090 through year-end. Central banks bought another 1,037 tonnes — second-highest ever. Year close: $2,062.
Key drivers in 2023
Regional banking crisis, Credit Suisse failure, central-bank buying continues, persistent inflation
2023 XAU/USD high
$2,135 (Dec)
2023 XAU/USD low
$1,810 (Feb)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The Iraq gold market
Iraq's retail gold market uses the mesghal (4.6083 g) as the traditional unit alongside the gram. Baghdad and Basra host the most active retail bullion markets. Demand is closely tied to USD/IQD parallel-market rates.
Standard quote unit
mesghal
Common purity
21K
Currency
IQD (ع.د)
Daily gold price — March 2023, Iraq
ع.د2,506,670
$1,912.73/oz
ع.د2,406,376
$1,836.20/oz
ع.د2,412,929
$1,841.20/oz
ع.د2,435,352
$1,858.31/oz
ع.د2,423,282
$1,849.10/oz
ع.د2,393,795
$1,826.60/oz
ع.د2,380,297
$1,816.30/oz
ع.د2,400,085
$1,831.40/oz
ع.د2,439,270
$1,861.30/oz
ع.د2,509,245
$1,914.70/oz
ع.د2,504,796
$1,911.30/oz
ع.د2,499,947
$1,907.60/oz
ع.د2,520,653
$1,923.40/oz
ع.د2,519,867
$1,922.80/oz
ع.د2,571,370
$1,962.10/oz
ع.د2,633,948
$2,009.85/oz
ع.د2,580,937
$1,969.40/oz
ع.د2,558,789
$1,952.50/oz
ع.د2,554,727
$1,949.40/oz
ع.د2,592,208
$1,978.00/oz
ع.د2,612,914
$1,993.80/oz
ع.د2,593,472
$1,978.97/oz
ع.د2,550,664
$1,946.30/oz
ع.د2,572,419
$1,962.90/oz
ع.د2,575,171
$1,965.00/oz
ع.د2,576,219
$1,965.80/oz
ع.د2,594,436
$1,979.70/oz
How Iraq gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The IQD/USD exchange rate comes from exchangerate-api.com's 2023 year-end snapshot.
Conversion. Every IQD figure on this page is computed as XAU/USD price × IQD/USD rate. We use the year-end exchange rate consistently across all March 2023 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in Iraq, add the country-specific levies described in the “Iraqgold market” section above.
FAQ — Iraq gold price in March 2023
What was the gold price in Iraq in March 2023?
In March 2023, gold in Iraq opened at ع.د2,506,670/oz and closed at ع.د2,594,436/oz — a move of +3.50% on the month. Per tola: ≈ع.د972,929; per gram: ≈ع.د83,413; per 10g: ≈ع.د834,130.
What was the 24K gold rate per tola in Iraq in March 2023?
The 24K gold rate per tola in Iraq at the March 2023 close was approximately ع.د972,929, derived from international XAU/USD spot of $1,979.70/oz times the 2023-end IQD/USD exchange rate of 1,310.5195. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 21K gold rate per mesghal in Iraq in March 2023?
Iraq's most-quoted retail standard is 21K per mesghal. At the March 2023 close, that worked out to approximately ع.د72,986 (21K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
IQD prices on this page are computed from the verified international XAU/USD spot price for March 2023 (sourced from gold-api.com), multiplied by the 2023-end IQD/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The ع.د figures here represent the international gold spot price converted to IQD at the 2023-end exchange rate. Iraq's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
Why did gold rise during the March 2023 banking crisis?
The failure of Silicon Valley Bank and the emergency rescue of Credit Suisse raised fears of a broader banking crisis, driving investors into safe-haven gold and pushing it from about $1,810 back toward $2,000 per ounce.
Want today's rate in Iraq? See live gold prices in Iraq with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2023 archive or the USD-only March 2023 page with the country-by-country list at the bottom.
Other markets? Compare March 2023 prices across other major gold-trading countries: Saudi Arabia, Iran, Kuwait, Jordan, Turkey.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to IQD at the 2023-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in Iraq before transacting.