Gold Coin Surges

EghtesadOnline: As the price of all gold coins continued to rise in Tehran’s market, the Central Bank of Iran on Saturday halted the sale of gold coins with six-month maturities.

News ID: ۷۸۲۴۹۵

06 May 2018

This is while the regulator had previously discontinued the sale of coins with one- and three-month maturities. The sale of coins with maturities of one and two years are still underway, IBENA, a CBI-affiliated news website, reported. The regulator had previously said its discontinuation of short-term gold coin presales was due to minting limitations and quality control, but the latest halt seems to be in response to rising coin prices that were actually expected to be curbed by auctions, presales and after the government unified the US dollar’s dual exchange rates on April 10. The benchmark Bahar Azadi gold coin gained more than 8% and was traded for more than 21.25 million rials ($505) on Saturday, which marks a new all-time high, according to Financial Tribune.