EghtesadOnline: Bahar Azadi gold coin fell by 100,000 rials on Saturday, changing hands for 12.01 million rials ($320) in Tehran’s market to witness the end of its short-lived rally that started after the Norouz (Iranian New Year) holidays on April 2.
The rally for the benchmark coin was ascribed to the rebound in global markets, which impacts Iran’s market directly. Another reason for the recent gold surge could be the significant increase in demand, because of the rise in marriages during the two-week holidays. This is while the rial kelp steady against the US dollar. The greenback was exchanged for37,500-37,700 in post- holiday days. The dollar’s official rate, however, has been going up for the last 10 days, being fixed at 32,435 rials on Saturday, according to Financial Tribune.