Currency, Gold Rise in Tehran

EghtesadOnline: Currency rates eked out gains on Monday after several dull sessions with the dollar advancing above 250,000 rials. The spike extended to gold prices though the metal has been under pressure due to decline in international markets.

News ID: ۷۵۱۶۰۷

01 December 2020

The greenback gained 1.57% or 4,000, rials to reach 254,000 rials in Tehran's open market. The currency started the rising trend Sunday when it reached 250,000 rials

The euro, UK pound and UAE dirham made slight gains. The European currency advanced to 299,000 rials up 0.21% daily, the pound was quoted at 333,600 rials up 0.23% and the dirham gained 0.42% to trade at 69,800 rials.

Increase in forex rates was spurred by higher wholesale forex prices in the regulated forex market on Sunday, which was construed as a signal for higher rates in the coming days, according to Persian-language economic newspaper Donya-e-Eqtesad.

The regulated market is a network of banks and certified moneychangers under CBI auspices and deals in wholesale trade.

A dollar was worth 246,000 rials in the regulated market on Monday -- 7,000 rials higher than Saturday.

Gold Gains

Gold prices also jumped indifferent to the declining trend in world markets.  The Emami gold coin bounced back to 114 million rials rising 6 million rials or 5.26% compared to the earlier session.

Half Bahar Azadi gold coin gained 1.8% to reach 57 million rials and one gram of 18-karat gold was worth at 10.55 million rials up 0.22%.

In international markets the precious metal extended the slide to five month lows Monday as prospects of a vaccine-led boost to economies cast a shadow over safe-haven assets and set the bullion on course for its worst month in four years, Reuters reported.

Spot gold dipped 1% to $1,770.56 per ounce and was down 5.7% so far this month. The metal also hit its lowest level since July 2 at $1,764.29 earlier in the session. US gold futures dropped 0.9% to $1,771.20 per ounce.