Gold Coin at 4-Year High
EghtesadOnline: Gold coin prices continued their weeklong surge to reach their four-year high in Tehran's market on Monday.
After significant leaps in recent days, Bahar Azadi gold coin fetched 11.96 million rials ($320) on Monday, up from 11.81 million rials ($315) a week ago.
Emami gold coin changed hands at 12.3 million rials ($328) on Monday–a whopping increase of 300,000 rials compared with last Monday's close. Half Azadi and Quarter Azadi experienced an increase of 110,000 rials and 20,000 rials during the week to April 17, respectively.
The rally for the benchmark coin was ascribed to the bull run in global gold markets where the price of an ounce reached its highest in 200 days at $1,290 to register a tremendous leap of $40 in just a week, according to Financial Tribune.
This is while rial gained against the US dollar in Tehran's market. The greenback was exchanged at 37,550 rials on Monday, down by 100 rials to compare with last Monday's close. The euro remained unchanged at 40,590 rials while British pound changed hands for 47,020 rials, showing a slight increase of 170 rials compared with last Monday's close.
The price of gold coin in Iran's market is mainly influenced by the exchange rate of US dollar and global gold prices.
This indicates that the surge of gold price in global markets has been so drastic that it single-handedly pushed prices in Iran's market to set a four-year record.