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December 8, 2009 - 08:16:53
BAGHDAD / Aswat al-Iraq: Citizens from the Iraqi capital Baghdad benefited from the increase in the price of gold in the world markets to sell what they have in gold and jewelries.
Baghdadians have started to sell what they have in gold to keep the money and wait until the decrease in the price of gold to buy it again and benefit from the difference in the prices.
“I seized the opportunity with the increase in the price of gold and sold all of my gold, and I will buy gold again once the prices have decreased,” Umm Haidar, 52, told Aswat al-Iraq news agency.
The increase or decrease in gold price depends on two main factors; the price of the oil barrel and the dollar exchange rate.
“I wanted to buy gold for my fiancée but the increase in its price surprised me. It was a matter that forced me to postpone my wedding until a decrease in the price of gold,” Anas al-Rabeie, 25, said.
“My mother told me that she will sell her gold to buy me gold after the price decreases to save some money for my wedding, but I refused because she loves her gold as they are gift from her father,” he said.
Meanwhile, Omar al-Khuzaai, an economist, said that the increase in gold prices will be temporary as it depends on the law of supply and demand.
“The increase in gold prices in any country is related to economic factors, mainly the increase in the dollar exchange or the increase in the oil barrel value on the global markets. Thus, the decrease in demand will help gold to keep its price,” he explained.
“Gold prices are correlated to the oil prices and will increase if the dollar or oil prices go up, but if the demand drops the gold prices will decrease,” Yasser al-Rawi, owner of a jewelry shop in Zayouna neighborhood in eastern Baghdad, said.
He expressed belief that the gold prices will maintain their current status as long as there is an increase in the price of oil.