CBI Reserves Top 113 Trillion Dinars After Devaluation
2026-11-02 Shafaq News- Baghdad The Central Bank of Iraq’s (CBI) official reserves stood at about 113.991 trillion dinars (about $75 billion) on Oct. 15, 2026, up from 101.718 trillion dinars in September, according to the bank’s financial indicators.
The 12.273 trillion-dinar increase in the reported dinar value came after Iraq devalued its currency on Oct. 7, raising the official selling price of the dollar to 1,520 dinars from 1,320, which increases the local-currency value of foreign-currency reserves.
Foreign investments made up about 77.925 trillion dinars (about $51.3 billion) of the total, according to the data reviewed by Shafaq News. Gold and Special Drawing Rights (SDRs), a reserve asset issued by the International Monetary Fund, accounted for about 35.324 trillion dinars (about $23.2 billion), while cash held in the CBI’s vaults stood at about 742 billion dinars (about $488 million). https://shafaq.com/en/Economy/CBI-reserves-top-113-trillion-dinars-after-devaluation
US Dollar Climbs In Baghdad, Erbil
2026-11-02 Shafaq News- Baghdad/ Erbil The US dollar opened higher in Iraq on Monday, trading around 168,000 dinars per $100. According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 168,350 dinars per 100 dollars, up from Sunday’s 168,250 dinars.
In the Iraqi capital, exchange shops sold the dollar at 168,750 dinars and bought it at 167,750 dinars, while in Erbil, selling prices stood at 168,250 dinars and buying prices at 168,150 dinars.
Gold Prices Edge Up In Baghdad And Erbil
2026-11-02 Shafaq News- Baghdad/ Erbil On Monday, gold prices hovered around 925,000 IQD per mithqal in Baghdad and Erbil markets, according to a Shafaq News market survey.
At Baghdad’s Al-Nahr Street wholesale market, 21-carat Gulf, Turkish and European gold sold for 920,000 IQD per mithqal (equivalent to five grams) and was bought at 916,000 IQD, up from Sunday’s 913,000 IQD.
Iraqi 21-carat gold sold for 890,000 IQD per mithqal and was bought at 886,000 IQD.
At jewelry stores, 21-carat Gulf gold sold for between 920,000 and 930,000 IQD per mithqal, while Iraqi gold sold for between 890,000 and 900,000 IQD.
In Erbil, prices also rose. 22-carat gold sold for 987,000 IQD per mithqal, 21-carat for 943,000 IQD and 18-carat for 808,000 IQD. https://shafaq.com/en/Economy/Gold-prices-edge-up-in-Baghdad-and-Erbil-1
Gold Rebounds From One-Year Low Near $3,900
2026-11-02 Gold prices bounced on Monday, after a selloff in the previous session, as weaker oil prices tempered inflation concerns, while investors assessed comments from the Federal Reserve for clues on the path of US interest rates.
Spot gold rose 0.7% to $3,900.90 per ounce by 0440 GMT after hitting a one-year low in the previous session. US gold futures for December delivery gained 0.3% to $3,909.70.
Bullion slumped 3.5% to its lowest since October 2025 on Friday, falling below its key $4,000 per ounce level amid a selloff in technology stocks that led to the forced sale of safe-haven assets such as gold, and margin calls.
“We’re just getting a bounce after the selloff, along with oil prices coming off to start the week, which is providing a little bit of a relief for precious metals generally,” said Kyle Rodda, senior financial market analyst at Capital.com.
Oil prices fell more than 3% after Reuters reported that Iranian negotiators were in Doha on Sunday for a third consecutive day of talks with Qatari mediators aimed at pushing for a deal to end the US-Israeli war on Iran.
Elevated energy prices often raise the expectation that the Fed will keep interest rates higher for longer, increasing the opportunity cost of holding non-yielding bullion.
Meanwhile, a trio of Fed officials made the case on Friday for more interest rate increases to combat high levels of inflation, in the first round of commentary made by central bankers after last week’s monetary policy meeting that saw short-term borrowing costs left steady.
Traders are pricing in about a 73% chance of a rate hike in December, according to the CME’s FedWatch Tool.
“Gold faces a difficult near-term environment in which technical selling and liquidity concerns are overshadowing its longer-term investment appeal,” said Ole Hansen, head of commodity strategy at Saxo Bank, in a note.
Spot silver climbed 1.8% to $49.97, platinum gained 0.1% to $1,432.63 and palladium steadied at $976.31. (Reuters)
Hormuz Disruption Drives 1B-Barrel Oil Inventory Collapse
2026-11-02 Shafaq News- Abu Dhabi Global oil inventories have fallen by nearly 1 billion barrels since the US-Israeli war on Iran disrupted shipping through the Strait of Hormuz, sharply depleting the reserves that help shield energy markets from supply disruptions, Sultan Al Jaber, CEO of Abu Dhabi National Oil Company (ADNOC), said on Monday.
Diesel stockpiles in some regions have dropped to their lowest seasonal levels in 35 years, while the global liquefied natural gas (LNG) market faces a supply shortfall of about 600 billion cubic feet, he said at the UAE’s ADIPEC conference.
“We need expanded strategic storage, larger stockpiles of products, and flexible refining capacity closer to consumer markets,” Al Jaber added. “Infrastructure must be built before it is needed and supported by advanced logistics.”
Shipping and logistics costs now account for 30% of the cost of a barrel of oil, up from 5% before the war, Al Jaber said. Brent crude, the international benchmark, is trading at around $110 a barrel, roughly 50% above its February level, before the conflict began.
Hormuz, through which roughly 20% of the world’s oil passes, has remained largely closed under Iranian restrictions since Feb. 28, following the start of the US-Israeli war. The waterway briefly reopened after a US-Iran memorandum of understanding (MoU) took effect on June 18, but was closed again following renewed military escalation.
Last month, the International Energy Agency (IEA) agreed to release more than 20 million barrels of diesel, along with any oil remaining from a record emergency reserves release pledged in March, in an effort to increase supplies and curb soaring prices.
Read more: Iraq’s Hormuz reliance exposed as regional wars drag on
Oil Slides Below $110 Threshold On Diplomacy
2026-11-02 Shafaq News Oil prices slipped more than 3% on Monday after Iranian and Qatari officials held a third straight day of talks aimed at pushing for a deal to end the US-Israeli war on Iran.
Brent crude futures fell $3.68, or 3.2%, to $109.75 a barrel by 0407 GMT while US West Texas Intermediate crude was at $100.69 a barrel, down $3.43, or 3.3%.
Brent ended October at its highest in six months amid concerns that the US-Iran conflict could escalate again after Tuesday’s US midterm elections.
“Oil is seeing a technical pullback this morning after last week’s strong gains,” said Tim Waterer, chief market analyst at KCM Trade.
“Lingering hopes of some form of diplomatic progress, combined with the absence of any meaningful military escalation over the weekend, have taken some of the immediate heat out of prices for now.”
However, the market remained alert to the possibility that rhetoric around Iran could be ratcheted higher and push Brent toward $120 after the midterm elections, Waterer said.
Iranian Foreign Minister Abbas Araqchi said on Sunday that the purpose of the “ongoing and progressing” talks was to continue consultations with the Qatari mediators, adding Tehran was prepared for “both defence and diplomacy”.
The talks come amid attacks on oil tankers transiting the Strait of Hormuz that are driving up global energy and shipping costs. In October, Saudi Arabia increased crude exports versus September despite attacks by the Iran-aligned Yemeni Houthis on its energy infrastructure, two of three ship-tracking companies said.
“The price action in oil in recent weeks reflects a market increasingly bracing for the potential for more hostilities between the US and Iran,” ING analysts said in a client note.
“If the midterms pass with neither strikes nor a deal, the key question is whether the market continues to price in a substantial geopolitical risk premium or whether that premium gradually begins to unwind.”
The Organization of the Petroleum Exporting Countries and allies including Russia, or OPEC+, kept December production targets steady on Sunday, confirming expectations that more policy adjustments will not occur until next year, as the group continues to struggle with export disruptions from the Iran war. (Reuters)