Welcome to the Kanz Al-Hayat wholesale gold report for Thursday August 13, 2026, serving jewellers, traders, and bullion buyers across Iraq. Spot gold holds near $4,400 per ounce at two-month highs — Wednesday’s cooler US inflation report trimmed September Fed hike odds to roughly 38–40% and lifted the metal 1% — while the Strait of Hormuz remains largely closed, keeping regional oil elevated and physical premiums firm. This report covers pricing, drivers, and what Iraqi trade buyers should watch.
Wholesale reference prices (indicative basis):
Gold spot: ~$4,400/oz | 24K: ~$141.45/gram | 22K: ~$129.65/gram | 21K: ~$123.75/gram | 18K: ~$106.10/gram | 1 kg bar: ~$141,450
Silver: ~$65+ (seven-week highs) | Brent: ~$89 | WTI: ~$83–84
Wholesale premiums over spot apply and vary with quantity, form, and Baghdad market conditions. Confirm live pricing before transacting.
Market drivers:
US July CPI cooled to 3.4% year-on-year (core 2.5%), in line with forecasts, easing pressure on the Federal Reserve after July’s negative payrolls (-23,000, with 103,000 in downward revisions). September hike odds fell to ~38–40% from 46%; the next hike is now fully priced only for December. Yields eased and gold crossed its 100-day moving average for the first time since April — a technically significant break. Today’s US PPI (3:30 PM Baghdad time) is the next reading; a soft print would extend the dovish case.
The regional picture, however, demands realism from Iraqi traders. The optimism of last week’s Iran-Oman corridor announcements has faded: a senior Iranian official confirmed no progress in talks to revive the June interim deal, Iran’s foreign minister has ruled out direct negotiations with Washington, and Tehran’s top security official tied any reopening of Hormuz to US concessions including frozen assets. Only 14 vessels crossed the strait Tuesday; the US and the Houthis reported separate attacks on shipping. Brent holds near $89 — easing about 1% today on OPEC/IEA demand-forecast cuts — but the IEA warns inventory buffers are depleting. For Iraq’s trade: constrained Gulf shipping keeps import logistics costly and physical premiums elevated, while sustaining the defensive demand that supports gram prices at the counter.
For Iraqi wholesale buyers:
Stock positioning: with gold up ~$330/oz from early August and wedding-season demand ahead, inventory bought on any dip toward $4,350–$4,300 support offers better margin structure than chasing $4,470 resistance. The two-sided risk this week is today’s PPI (hot print = brief pullback risk; soft = extension toward $4,450/$4,470). Silver’s surge past $65 merits attention for mixed-metal stock, now a leading 2026 trend. Structural support remains exceptional: central banks keep buying, Chinese institutional longs keep building, and mine supply grows just 1–2% a year.
Outlook:
Resistance: $4,435/$4,450, then $4,470. Support: $4,389 (100-day), $4,362, then $4,330. Base case: consolidation $4,350–$4,470 into Friday’s US retail sales, with the December-hike pricing and shut-Hormuz premium keeping a floor under dips. A genuine reopening breakthrough would initially pressure gold via oil, then support it via the rate channel — position for volatility, not direction, on Hormuz headlines.
Kanz Al-Hayat is committed to serving Iraq’s gold trade with timely market intelligence and competitive wholesale pricing. Contact us directly for live quotes and bar availability.
Wholesale reference: ~$4,400/oz | 24K — $141.45/gram | 22K — $129.65/gram | 21K — $123.75/gram
All prices USD, indicative wholesale basis. Premiums apply. Confirm live pricing before transacting.
