Gold in Tehran Hits Another Peek

EghtesadOnline: Gold coins recorded further increase on Wednesday with another 2.8% growth in prices compared to the previous day's close.

News ID: ۷۵۰۶۳۱

06 August 2020

Emami gold coin was quoted at 113.5 million rials in the Tehran market, posting 2.2-million-rial gain, or 2%. Bahar Azadi gold coin was also higher by 3 million rials, or 2.83%, to close Wednesday at 109 million rials.

In a similar trend, half Bahar Azadi and Quarter Bahar Azadi coins gained 2.3% and 2.5%, respectively, and were offered at 56.5 million rials and 32.5 million rials, respectively.

Growth in gold prices in international markets seems to have made an impact on prices in Tehran. According to Reuters, the precious metal scaled an all-time peak on Wednesday, after topping the $2,000 mark in the previous session, spurred on by a weaker dollar, falling US Treasury yields and expectations of more stimulus measures to revive the pandemic-ravaged US economy.

Spot gold was up 0.8% at $2,033.86 per ounce by 0655 GMT, after hitting a record high of $2,036.49 while US gold futures rose 1.4% to $2,049.30.

This is while experts mostly consider foreign exchange rates as the leading factor when it comes to gold prices in Tehran’s ever-rising market. The US dollar fluctuated between 232,000 to 235,100 rials on Wednesday, slightly higher than the previous day's close.