Gold Prices Hit Historic High, Surpassing $3,000 Per Ounce
According to the head of the Goldsmiths Syndicate in Erbil, this unprecedented rise is unlikely to be the peak, as he expects the value to climb to $3,300 per ounce in the near future.
ERBIL (Kurdistan24) – In a historic financial milestone, the price of gold has surpassed $3,000 per ounce for the first time ever. Experts predict further increases in the coming days, driven by a mix of economic and geopolitical factors. The surge marks a significant moment in global markets, affecting investors and consumers alike.
On Friday, March 14, 2025, Handren Warti, head of the Erbil Goldsmiths Syndicate, confirmed to Kurdistan24 that gold prices had officially crossed the $3,000 threshold, reaching $3,000.85 per ounce. According to Warti, this unprecedented rise is unlikely to be the peak, as he expects the value to climb to $3,300 per ounce in the near future.
"For the first time in history, the price of one ounce of gold has reached $3,000 and 85 cents," Warti stated, adding that the market had been edging toward this milestone for some time. The rapid increase has been evident in recent trading, with gold rising by $65 per ounce in just a single day, jumping from $2,935 to the record-breaking $3,000 mark.
Despite the current rally, fluctuations in the gold market remain common, often influenced by broader economic uncertainties. Warti pointed out that while the price had previously approached $3,000 a month ago, it experienced a temporary dip before rebounding. "There are many factors behind this rise, particularly political and economic reasons," he explained, referencing global instability and shifts in investor sentiment as key drivers of the price surge.
Locally, the impact of these record-breaking gold prices is already being felt in the Kurdish market. According to Warti, one mithqal (4.25 grams) of 21-karat gold in Erbil now costs 625,000 Iraqi dinars, reflecting the global uptrend. The rising cost of gold has implications for both jewelers and consumers, as demand remains strong despite escalating prices.
The latest spike in gold prices underscores its status as a safe-haven asset in times of economic uncertainty. Investors often turn to gold as a hedge against inflation, currency devaluation, and financial instability. Analysts suggest that ongoing geopolitical tensions, coupled with concerns over inflation and interest rate policies, have contributed to the metal’s record-breaking ascent.
As global markets continue to react to shifting economic conditions, all eyes remain on the price of gold. Whether this historic high signals the beginning of an extended rally or a temporary peak remains to be seen. However, with predictions of further increases, the gold market is set to remain a focal point for investors and industry experts in the days ahead.
