Gold Coin Edges Lower

EghtesadOnline: The price of Emami gold coin fell by 2.2% on Saturday in Tehran after posting a near permanent increase for weeks.

News ID: ۷۵۰۱۷۷

07 June 2020

According to the Tehran Gold and Jewelry Union website, the coin was sold at 72.73 million rials on the first day of the week, indicating 1.63 million rials, or 2.2%, decline compared to Monday's close.

Bahar Azadi gold coin fetched 71 million rials, down 1.41%.  Half Bahar Azadi and quarter Bahar Azad coin also slipped 1.35% and 2%, respectively.

One gram of 18-carat gold dropped by 206,000 rials, or 3%, on Saturday to reach 7,118,000 rials.

Market observers say less political tensions on the global scene in recent days has impacted gold coin prices, even though the drop in gold prices in international markets also is seen as a contributing factor.

According to Reuters, gold prices dipped more than 2% on Friday as hopes for a global economic rebound got a boost from stronger-than-expected US non-farm payrolls data, reducing demand for safe havens.

Referring to gold prices in international markets, Ebrahim Mohammadvali, head of TGJU, forecast some stability in gold prices in the coming weeks if nothing out of the ordinary happens.

"We expect a gram of 18-carat gold to remain in the vicinity of 7 million rials in the coming days."

In a talk with Radio Saham, Mohmmadvali stressed that gold prices in the domestic market are largely influenced by currency prices and less by trends in international markets.

According to the Persian-language economic newspaper   Donya-e-Eqtesad, the dollar was worth 169,900 rials on Saturday quoted by moneychangers affiliated to the Central Bank of Iran, nearly 0.1% lower than the previous trading day. This is while the euro remained almost unchanged at 186,000 rials.

The greenback was worth 176,000 rials at Tehran’s open market on Saturday.