Gold Prices Tumble, Trade Halted

EghtesadOnline: Following news that the US dollar rate has been unified at 42,000 rials, gold prices also went into freefall, although the head of Tehran Gold and Jewelry Union declared that gold coin trade has been halted.

News ID: ۷۴۵۱۴۵

11 April 2018

“At present, gold coins are not being traded on the commercial scale (of higher than five) and I can actually say that no sales and purchases are being done because the risk margin is high and the market is moving cautiously in light of price shocks,” Mohammad Keshti-Aray also told ISNA on Tuesday. According to the union’s website, the benchmark Bahar Azadi gold coin, which was traded at an all-time high of almost 20 million rials ($477), lost close to 10% of its value and was traded for 17.9 million ($426). The Central Bank of Iran also canceled its gold coin auction scheduled for Tuesday, according to Financial Tribune.