Lowest in 7 months… Gold records unprecedented losses

Gold recorded unprecedented losses on Wednesday afternoon, the lowest since November 2025, as the price of an ounce fell below $4,000, according to Reuters.

These losses come after gold prices fell earlier today to their lowest level in nearly two weeks, affected by the rising dollar and increasing investor bets on a rise in US interest rates.

Gold fell 1.1% in spot trading to $4,064.01 an ounce, after earlier hitting its lowest level since June 11, while US gold futures for August delivery fell 1.7% to $4,080.80 an ounce.

This comes amid rising market expectations of a tightening of US monetary policy, as data from the CME FedWatch tool showed traders expecting three interest rate hikes during 2026, compared to previous expectations of only one.

The strength of the dollar also supported the pressure on the precious metal, as it reached its highest level in more than a year, making gold more expensive for buyers outside the United States.

As for other precious metals, silver fell 1.6% to $61 an ounce, platinum dropped 1.2% to $1,632.04, and palladium declined 1% to $1,225.35 an ounce.

Shafaq.com

Mandatory starting July 10th: Iraqi Customs activates electronic inquiry for commercial documents

The Iraqi General Authority of Customs announced on Wednesday the activation of the electronic inquiry feature for certificates of origin and commercial invoices issued by the Federation of Iraqi Chambers of Commerce, through electronic linkage with the ASYCUDA system, in order to verify the validity of the issuance of these documents and their adoption within the customs procedures.

According to a statement issued by the authority and received by Shafaq News Agency, addressed to traders, importers, customs clearance agents and all stakeholders, the certificate of origin and commercial invoice are inquired about electronically when organizing the customs declaration by entering the document numbers in the designated fields within the system, which ensures the accuracy of the data provided and enhances customs audit and control procedures.

The authority explained that the service is currently being implemented on a trial basis, and that the application will be mandatory starting from July 10, 2026, as certificates of origin or commercial invoices will not be accepted unless they are verifiable electronically through the system.

The General Authority of Customs called on all stakeholders to expedite the completion of the procedures for registering their commercial documents properly with the Federation of Iraqi Chambers of Commerce and to ensure the accuracy of their data before submitting them for customs transactions, in order to ensure the smooth flow of work and to avoid any delays or obstacles after the start of mandatory implementation.

The Director of the Iraqi Customs Authority, Thamer Qasim Dawood, announced on April 8th that the Kurdistan Region team had joined the national team for the project to implement the Customs Automation System (ASYCUDA), in a move he considered to reflect the seriousness of the move towards building a unified customs administration at the level of Iraq.

It is worth noting that the Iraqi General Authority of Customs announced on March 3rd the adoption of temporary “exceptional” measures aimed at accelerating the flow of goods and reducing congestion periods in ports, thereby enhancing the stability of supply chains and supporting national economic activity, in light of the exceptional circumstances the region is generally going through.

Shafaq.com

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Economist: The 2026 budget train has left the station… the government is patching up the deficit by borrowing.

Economic expert Basil Al-Obaidi confirmed today, Thursday, that insisting on preparing and approving the general budget at this time is “a form of absurdity” and has no benefit whatsoever, at a time when the country’s financial affairs are being managed by “patchwork” and borrowing from banks.

Al-Ubaidi told Al-Maalomah that “the train has already left the station. Iraq is now staggering at the end of the sixth month, and the bureaucratic processes involved in approving the budget will inevitably hinder and delay it until next September.” He added that “a budget approved for only three months of a fiscal year that is nearing its end is worthless.”

He added, “The preparation of the budget depends primarily on estimating revenues and expenditures, which is difficult to achieve at the present time, given the significant decline in the country’s revenues as a result of the repercussions of the regional crisis and the disruption of export traffic through the Strait of Hormuz.”

Al-Obeidi pointed out that “Iraq needs a period of no less than two months to restore some degree of financial stability, pending an improvement in oil revenues and the return of exports to their normal levels, in the event that the Strait of Hormuz is reopened and all the technical and logistical requirements related to pumping Iraqi crude oil to the ports and export outlets are completed.”

The economist warned that “the anticipated budget will turn into an arena for political bidding, where it will be bombarded with explosive demands that a short-term budget cannot accommodate, starting with a flood of appointments, bonuses and patchwork, and ending with a conflict over projects.”

Al-Ubaidi called on the Cabinet to “preemptively address the crisis and prepare a draft law for an exceptional operational budget for emergencies, to manage the remainder of the year, while postponing the comprehensive budget to 2027,” stressing that the upcoming budget must be “real and completely different from its predecessors, which existed only on paper.”

Almaalomah.me

Urgent: Source for Al-Furat News: Nizar Nasser appointed as Governor of the Central Bank

Source for Al-Furat News – Nizar Nasser appointed as Governor of the Central BankAn informed source revealed today, Thursday, that Nizar Nasser has been assigned the position of Governor of the Central Bank of Iraq.

An informed source told Al-Furat News: “Nizar Nasser has been appointed as the Governor of the Central Bank of Iraq, succeeding Ali Al-Alaq.”

Alforatnews.iq

The State of Law coalition is demanding an emergency session to decide on the remaining ministerial appointments.

Imran Karkoush, a member of the State of Law Coalition, stressed the need to resolve the issue of the ministerial cabinet and to form a fully constituted government, pointing to the importance of holding an emergency parliamentary session in response to the call of the Coordination Framework in order to resolve the remaining ministerial portfolios.

Karkoush told Al-Maalomah, “The coordination framework had previously called for a session of the House of Representatives to finalize the government file and complete the ministerial cabinet of Al-Zidi’s government, after the council failed to pass the entire cabinet in the recent past.”

He added that “the government is still lacking a quorum with regard to the number of ministers, as it is working incompletely and needs to resolve the issue quickly and complete the selection of the nine ministers for the remaining ministries and vote on them within the House of Representatives in an emergency session in order to ensure a complete government with a full quorum and powers.”

He explained that “there are key ministries that need to quickly finalize the selection of their ministers, such as the Interior, Defense, and Higher Education ministries, as they need ministers with genuine expertise who prioritize the interests of the citizen and the country.”

Almaalomah.me

Cabinet formation: Advanced negotiations underway to finalize remaining names before al-Zidi’s visit to Washington

The Iraqi political scene is witnessing rapid activity to resolve one of the most prominent outstanding issues in the government formation process: completing Prime Minister Ali al-Zubaidi’s cabinet. This comes amid growing indications that political forces are nearing final agreements on the remaining ministerial posts.

These moves coincide with efforts within the Coordination Framework to review certain government arrangements, including the potential elimination of deputy prime minister positions and a reduction in what is described as administrative bloat, as well as a reconsideration of several candidates nominated for the remaining portfolios. Statements from political leaders confirm advanced agreements that could pave the way for an extraordinary parliamentary session in the coming period to definitively resolve the issue, thus ensuring the completion of the government formation before the anticipated political and diplomatic events.

Nine ministries are awaiting resolution. In this context, Hussein al-Saabri, a member of the Reconstruction and Development Coalition, stated that a parliamentary session will be held in the coming days to finalize the cabinet after the legislative recess.
Al-Saabri explained in a statement to Al-Maalomah that “understandings regarding the completion of the remaining nine ministerial posts have reached an advanced stage among the political forces.”

He added that “the Speaker of Parliament will call for a session after the legislative recess ends, should the final agreements between the political parties be reached.”
He indicated that “there is significant progress in the ongoing discussions among the political forces to resolve the issue of the vacant ministries in the coming phase.”
He pointed out that the Coordination Framework forces are striving to complete the remaining ministerial portfolios before Prime Minister Ali al-Zubaidi’s anticipated visit to Washington, as part of efforts to fully resolve the government formation process.

Regarding the abolition of deputy prime minister positions, Salam al-Zubaidi, a leader in the Reconstruction and Development Coalition, revealed that the Coordination Framework forces agreed during their recent meeting to abolish the deputy prime minister positions, in addition to setting a date for an emergency parliamentary session to complete the cabinet.

Al-Zubaidi told Al-Maalomah that “the forces within the Coordination Framework unanimously agreed to hold an extraordinary emergency session to complete Al-Zidi’s cabinet, to be held after the conclusion of the Ashura commemorations.”
He added that “the Prime Minister will officially inform the Speaker of Parliament to set the date for the session.”

He explained that “the political forces within the Framework agreed to abolish the positions of Deputy Prime Ministers entirely, considering them redundant and a form of governmental bloat, in addition to the fact that they would embroil the political forces in new problems and disputes they can ill afford.”

He indicated that “the Framework Agreement also included amending the nominees for the Planning, Interior, and Higher Education portfolios, replacing them with alternative figures to finalize the matter.”

Political indicators suggest that the forces participating in the government are seeking to complete the cabinet formation process entirely in the coming period, by reaching an agreement on the nominees for the vacant ministries and resolving outstanding issues in preparation for presenting them to Parliament for a vote.

Almaalomah.me

Al-Zaydi appoints Basim al-Badri as head of the National Security Service, replacing al-Basri.

Prime Minister Ali al-Zaidi appointed Basim al-Badri as head of the intelligence service on Thursday, replacing al-Basri. An informed source stated that “al-Zaidi appointed Basim al-Badri to head the National Security Service, succeeding al-Basri.” The source
added that “this appointment comes within the framework of administrative changes within the security establishment,” without announcing further details regarding the reasons for the replacement or its duration.

Almaalomah.me

The coordination framework is discussing the results of Tom Barrack’s visit to Baghdad and the completion of the government cabinet.

The coordinating framework that brings together the ruling Shiite political forces in Iraq discussed on Wednesday evening the recent visit of US envoy Tom Barrack to the capital Baghdad, and the completion of the government cabinet of Ali al-Zaidi.

The framework stated in a statement received by Shafaq News Agency that it held its 281st periodic meeting in the office of Humam Hamoudi, in the presence of the Prime Minister, to discuss the latest political, security and economic developments on the national scene.

According to the statement, the attendees listened to a presentation by the Prime Minister on the latest government procedures and files under follow-up. They also discussed the results and outcomes of the visit of US envoy Tom Barrack and the dialogues he held with the government, and emphasized the importance of protecting supreme national interests and strengthening Iraq’s foreign relations in a way that serves its stability and sovereignty.

The coordination framework also discussed the issue of completing the government cabinet, stressing the importance of expediting this process in order to enhance the efficiency of government performance and ensure the completion of the ministerial program requirements and meet the aspirations of citizens.

At the conclusion of the meeting, the Coordination Framework extended its “deepest condolences to the Iraqi people and the Arab and Islamic nations on the occasion of the holy month of Muharram, recalling the great values ​​of Imam Hussein’s revolution and the eternal meanings it represents in reform, sacrifice, and the defense of truth and justice,” according to the statement.

Shafaq.com

A new shipment of gasoline has arrived; a giant tanker has begun unloading its cargo at the Khor Al-Zubair port in Basra.

An official source at the General Company for Iraqi Ports reported on Thursday that technical procedures have begun to unload a giant oil tanker carrying a large shipment of imported gasoline fuel for the account of the Iraqi Oil Marketing Company (SOMO), at the docks of Khor Al-Zubair port in Basra Governorate.

The source told Shafaq News Agency that the tanker, named “NAVIG8 MONTIEL” and supplied by “ADNOC GLOBAL TRADING”, docked at the port to begin unloading its cargo of approximately (37,500) tons.

The source added that the unloading operations are taking place at Pier No. 3 in Khor Al-Zubair port, noting that the technical and laboratory staff have already begun conducting the necessary tests on the product to ensure its conformity with the approved standard specifications under the official contract issued by the Ministry of Oil, before releasing the quantities and pumping them through the oil pipeline network to meet local consumption needs.

Shafaq.com