Iraq · IQD · May 2024
Gold Price in Iraq — May 2024
In May 2024, the gold price in Iraq closed at approximately ع.د3,093,690 per troy ounce, equivalent to ع.د1,160,152 per tola or ع.د99,464 per gram. This represents a +0.37% change on the month (ع.د3,082,422 open → ع.د3,093,690 close).
Open
ع.د3,082,422
per troy ounce
Close
ع.د3,093,690
per troy ounce
High
ع.د3,212,208
per troy ounce
Low
ع.د3,042,533
per troy ounce
All unit prices at May 2024 close — Iraq
| Unit | Weight | Closing IQD price |
|---|---|---|
| Troy ounce | 31.1035 g | ع.د3,093,690 |
| Gram | 1.0000 g | ع.د99,464 |
| 10 grams | 10 g | ع.د994,644 |
| Kilogram | 1,000 g | ع.د99,464,374 |
| Tola | 11.664 g | ع.د1,160,152 |
Karat-purity breakdown at May 2024 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24K | ع.د99,365 | ع.د1,158,992 |
| 22K | ع.د91,109 | ع.د1,062,700 |
| 21KIRAQ STD | ع.د87,031 | ع.د1,015,133 |
| 18K | ع.د74,598 | ع.د870,114 |
| 14K | ع.د58,187 | ع.د678,689 |
| 10K | ع.د41,477 | ع.د483,784 |
Daily gold price in IQD — May 2024
May 2024 gold market: Fresh record near $2,450
BullishAnother record as gold entered open-ended price discovery.
Gold set another record around $2,450 in May, supported by softening US data, renewed rate-cut hopes, and continued central-bank and Asian demand. The metal was now firmly in price-discovery mode with few historical reference points.
What drove gold in May 2024
- softening US economic data
- rate-cut hopes rebuilding
- central-bank and Asian demand
- price discovery above all prior records
Key events in May 2024
- May 20Gold prints a record near $2,450/oz
What happened next
After a summer consolidation, gold cleared $2,500 in August.
For gold buyers in Iraq
May's record near $2,450 rewarded conviction holders; with no overhead resistance, the trend remained a buyer's friend.
The 2024 gold market: Above $2,500 — breakout to new highs
2024 saw gold break decisively above $2,000 and reach $2,790 by year-end. Central-bank buying continued at record pace. Geopolitical tensions (Middle East, Ukraine) and Fed rate cuts beginning in September drove the rally. Year close: $2,624.
Key drivers in 2024
Fed cuts begin, central-bank buying records, BRICS expansion, Middle East tensions, USD weakness
2024 XAU/USD high
$2,790 (Oct)
2024 XAU/USD low
$1,991 (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 — May 2024, Iraq
ع.د3,082,422
$2,351.13/oz
ع.د3,050,151
$2,326.52/oz
ع.د3,042,533
$2,320.71/oz
ع.د3,057,637
$2,332.23/oz
ع.د3,057,637
$2,332.23/oz
ع.د3,054,693
$2,329.98/oz
ع.د3,043,615
$2,321.53/oz
ع.د3,078,875
$2,348.43/oz
ع.د3,118,384
$2,378.56/oz
ع.د3,100,022
$2,364.56/oz
ع.د3,100,022
$2,364.56/oz
ع.د3,093,664
$2,359.71/oz
ع.د3,135,984
$2,391.99/oz
ع.د3,143,234
$2,397.52/oz
ع.د3,176,371
$2,422.79/oz
ع.د3,212,208
$2,450.13/oz
ع.د3,212,208
$2,450.13/oz
ع.د3,191,061
$2,434.00/oz
ع.د3,181,386
$2,426.62/oz
ع.د3,125,234
$2,383.79/oz
ع.د3,077,715
$2,347.54/oz
ع.د3,092,169
$2,358.57/oz
ع.د3,099,524
$2,364.18/oz
ع.د3,099,524
$2,364.18/oz
ع.د3,095,952
$2,361.45/oz
ع.د3,083,438
$2,351.91/oz
ع.د3,093,690
$2,359.73/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 2024 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 May 2024 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 May 2024
What was the gold price in Iraq in May 2024?
In May 2024, gold in Iraq opened at ع.د3,082,422/oz and closed at ع.د3,093,690/oz — a move of +0.37% on the month. Per tola: ≈ع.د1,160,152; per gram: ≈ع.د99,464; per 10g: ≈ع.د994,644.
What was the 24K gold rate per tola in Iraq in May 2024?
The 24K gold rate per tola in Iraq at the May 2024 close was approximately ع.د1,160,152, derived from international XAU/USD spot of $2,359.73/oz times the 2024-end IQD/USD exchange rate of 1,311.0384. 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 May 2024?
Iraq's most-quoted retail standard is 21K per mesghal. At the May 2024 close, that worked out to approximately ع.د87,031 (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 May 2024 (sourced from gold-api.com), multiplied by the 2024-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 2024-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.
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 2024 archive or the USD-only May 2024 page with the country-by-country list at the bottom.
Other markets? Compare May 2024 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 2024-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.