Dollar, Gold Slip in Tehran Market

EghtesadOnline: Foreign exchange rates and gold coin prices declined on Tuesday in Tehran’s market, after posting gains on Monday.

News ID: ۷۸۶۱۵۸

03 March 2021

Each US dollar was traded at 251,480 rials in Tehran’s free market, marking a decline of 1.21%, or 3,200 rials, compared with Monday’s close. The currency posted a higher decline in the Central Bank of Iran’s regulated market, losing 2.08% or 5,010 rials to 241,970 rials.

Euro also lost 1.16% of its value during the day and was priced at 303,140 rials. The British pound was traded at 350,060 rials on Tuesday in the free market, down 1.36% compared with the previous day’s close.

Emirati dirham, an influential currency in Tehran’s market, posted a decline of 1% to finish the day at 69,800 rials. The currency had entered the 70,000-rial threshold on Monday, though it dwindled on Tuesday.

Foreign exchange rates have been experiencing ups and downs in recent months in Tehran. However, prices were mostly decreasing following the recently-announced news over the release of $1 billion of Iran’s frozen assets in South Korea.

Influenced by current market trends, the domestic gold market experienced bigger losses than foreign currencies, despite an upswing in the global gold markets.

Emami gold coin marked a 2.3% drop, or 2.5 million rials, during the day, being traded at 109 million rials. Half Bahar Azadi gold coin lost 2.4%, or 1.5 million rials, of its value, being quoted at 62.5 million rials.

Quarter Bahar Azadi was traded at 39 million rials on Tuesday, experiencing a drop of 2.56% compared with Monday’s close.

At international markets, gold prices edged higher on Tuesday, as a retreat in US Treasury yields and optimism over the $1.9 trillion coronavirus relief bill lifted the allure of the non-yielding metal, Reuters reported.

Spot gold was up 0.2% at $1,726.84 per ounce. The US gold futures added 0.1% to $1,723.80.