Gold Coin Rout Stops
EghtesadOnline: Emami gold coin dropped below 12 million rials ($320) by May 24 to set a two-week low record until Saturday when it regained 50,000 rials to reverse the bearish trend.
The value of all kinds of gold coin has been dropping in the past week, which seems to have stopped on the first day of the Muslim fasting month of Ramadan.
Benchmark Bahar Azadi gold coin fell by 120,000 rials during the week to May 26, changing hands for 11.79 million rials ($314.4) but the prices remained steady on Saturday in Tehran’s market.
Half Azadi and Quarter Azadi experienced a drop of 110,000 rials and 30,000 rials during the past week respectively, but they both managed to remain steady on Saturday, Financial Tribune reported.
The bear market of gold coin had been ascribed to rial’s gain against the US dollar while the value of gold was rising slowly in global markets where the gold is at its three-week high of $1,268 per ounce. The silver market situation is the same as the precious metal and sold for $17.42 an ounce- a 60-day high.
Platinum is almost at a one month high at $964 an ounce, registering a growth of $8 compared with the same period of last month.
The three most popular currencies in Iran, namely the US dollar, euro and Emirati dirham, all lost against rial during the week to May 25.
The greenback changed hands for 37,670 rials on May 18, but fell to 37,430 rials during the next week to register a drop of 240 rials.