Gold Coin Rally Explained

EghtesadOnline: Three main reasons were behind the recent gold coin rally, the head of National Gold and Jewelry Union said.

News ID: ۷۸۱۹۳۶

27 February 2018

Mohammad Keshtiaray also told IBENA that the surge in foreign exchange rates, the end of the mourning period marking the martyrdom anniversary of the Prophet’s daughter Hazrat Fatima (PBUH) and the approach of the new Iranian year are the main reasons for the heated market for gold coins. The official added that gold coin auctions by the Central Bank of Iran also stoked demand and contributed to the price hike, IBENA reported. The benchmark Bahar Azadi gold coin was up 1.21% on Monday and fetched 15.37 million rials ($343). The foreign exchange market experienced surprise volatility in recent weeks with rial weakening to 49,000 against t the dollar. The currency later gained ground after the CBI unveiled a rescue package, Financial Tribune reported. The rial was traded at 44,780 to the dollar on Monday, according to Tehran Gold and Jewelry Union’s website.