Currency, Gold Pare Losses
EghtesadOnline: Foreign exchange rates on Tuesday pared most of loss incurred on Thursday and in the process lifted gold prices in the domestic market.
The dollar advanced above the 270,000 level in Tehran’s open market, reaching 276,000 rials up 1.5%.
A session before, the American currency temporarily gave up the psychological support level following currency injection by the regulator. It rebounded later and closed at 272,000 rials.
The euro gained 0.8% or 2,520 rials to settle at 316,850 rials. The UK pound sterling climbed 1.5% or 5,970 rials to close at 381,660 rials and the UAE dirham was worth 75,430 rials, up 1.3% or 1,000 rials compared to the session before.
In the official exchange shops controlled by the Central Bank of Iran the dollar gained 0.6% to buy 260,850 rials. It rose 0.76% to 265,160 rials in the wholesale market, known as regulated forex market.
This is a market operated by a network of banks and certified moneychangers dealing in wholesale currency and is also supervised by the CBI.
Gold prices surged on Monday influenced by the currency spike, though a sluggish trend in global markets curbed the gains.
The Emami gold coin climbed 0.8% or 950,000 rials to reach 119.95 million rials. The Half Bahar Azadi coin changed hands at 60.5 million rials, up more 0.82% and one gram of 18-karat gold was worth 11.63 million rials, rising 0.67% or 77,000 rials compared to Monday, the Tehran Gold and Jewelry Union website said.
Gold was little changed in international markets on Tuesday as investors awaited key US inflation data that could offer cues on the federal reserve’s decision to taper stimulus measures meant to aid economic recovery from the pandemic.
Spot gold inched 0.1% lower to $1,792.31 per ounce and US gold futures were flat at $1,793.6.