Gold Market Retreats

EghtesadOnline: Gold prices in Iran slipped on Thursday influenced more from trends in international markets than domestic forex rates.

News ID: ۷۸۵۷۳۹

09 January 2021

The Emami gold coin lost close to 3% or 3.5 million rials to further retreat to 117.5 million rials. It had logged 1.66% drop a session earlier.

Half Bahar Azadi coin fell 1.92% and was traded at 62.8 million rials while 18-karat gold bought 18.18 million rials per gram, the Tehran Gold and Jewelry Union website said.

Normally Iran’s gold market is largely influenced by forex rates but decline in global markets at times iutweigh the impact of domestic forex trends.

In international markets gold fell below the key $1,900 technical level on Friday and was on track for a weekly decline, pressured by gains in the dollar and treasury yields ahead of US nonfarm payroll data that could give further clues on the country’s economic health, Reuters reported.

Spot gold dropped 1.3% to $1,887.66 per ounce and was down 0.6% for the week.US gold futures shed 1.2% to $1,890.30.

Prices slipped as much as 2.5% after scaling their highest since Nov. 9 on Wednesday, as 10-year US Treasury yields jumped over 1% for the first time since March.