Gold Market Unaffected by Iran Elections
EghtesadOnline: Elections can disturb the gold market, but it has not witnessed any fluctuations so far, said the head of Tehran Gold and Jewelry Union.
"Despite the fact that presidential candidates have already started their campaigns, gold market has remained steady. This shows that our domestic economy is formidable," Mohammad Keshti-Arai was also quoted as saying by Eghtesadonline.com.
He noted that the global rally in the gold market has ended, which gave rise to a drop in domestic gold prices.
"Prices are predicted to keep falling in the next couple of days," Financial Tribune quoted him as saying.
The Bahar Azadi gold coin (Emami) changed hands for 12,280,000 rials ($327) in Tehran's market last Monday, but the global rally ended three days ago and domestic prices also moderated.
Emami gold coin registered a 100,000-rial drop in post-rally days and fetched 12,200,000 rials ($325.3) on Saturday. Half Azadi and quarter Azadi also experienced a drop of 70,000 rials and 80,000 rials to reach 6,950,000 rials ($185.3) and 3,820,000 rials ($102), respectively.
A number of international economic websites conducted surveys to determine the gold market trend.
As reported by Reuters, a majority of Wall Street and Main Street analysts and experts believe that the bullish trend in gold market will continue.
Gold market prices were impacted by political events across the world. The presidential election in France and the terrorist attack in Paris, changes in US tax regulations and political tensions in North Korea and Middle East impact the gold market.