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No black boxes, no guessing — here is the full formula, step by step, from the global ounce to the mithqal price in Baghdad.
We take the live gold ounce price (XAU/USD) from trusted global market-data providers — the same reference price markets worldwide rely on.
One ounce = 31.1035 grams. So 24K gram = ounce ÷ 31.1035. For any karat: gram = 24K gram × (karat ÷ 24). A mithqal = gram price × 5.
We multiply the USD price by the local (Baghdad) market exchange rate — the real street rate people actually trade at, not the official rate alone.
Prices refresh automatically about once a minute throughout the day, and we always show the last-update time in Baghdad time so you know how fresh it is.
Gold Iraq is a neutral party: we neither buy nor sell gold. The price we show is an indicative market price meant to protect both merchant and customer with a fair number.
How is the gram price calculated?
The USD ounce price ÷ 31.1035 gives the 24K gram in USD, then we multiply by the Baghdad market exchange rate to get the dinar price.
Market rate vs. official rate?
The official rate is set by government bodies, while the market rate is what exchangers and people actually trade at. We use the market rate because it is closest to what you pay in the shop.
How frequently do prices update?
Automatically about every minute throughout the day, with the last-update time shown in Baghdad time.
Is the shown price the final shop price?
No. Our price is the market value of the gold. The final shop price usually adds a making fee and may differ slightly between shops.
All prices are indicative market prices for information only — not a formal buy/sell offer. The final shop price may vary with the making fee and the condition of the piece.