On Friday, 30 October 2026, Iraqi savers are weighing the dinar’s recent fall against a softer gold price.
The key news: In early October, Iraq moved its official rate from 1,320 to 1,500 dinars per dollar, a devaluation of about 12%. On Baghdad’s market, the dollar now trades near 168,000 dinars per $100. Gold, priced in dollars, eased this week to near $4,000 an ounce as the US Federal Reserve signalled a possible rate rise in December.
What it means for savers: Gold is priced in dollars, so when the dinar weakens, gold usually costs more dinars. This is why many Iraqi families save a little gold regularly.
Example (dinar rate used: Baghdad market, 168,000 per $100): A monthly saving of 500,000 dinars buys about 2.56 grams of 21K gold at today’s price of about $116 per gram, before workmanship. For comparison, at the old 1,320 official rate, one gram of 21K would have cost about 153,700 dinars. At the new 1,500 rate, it costs about 174,600 dinars.
Advice for customers: Save small, fixed amounts each month instead of guessing the best day. Choose plain pieces or small bars with low workmanship fees.
The honest caution: Gold can fall in value, as it did this month. Save only money you will not need soon, and never borrow to buy gold.
Al Fahad Al Dhahabi — gold savings, step by step.
