Gold Coin Continues Rally
EghtesadOnline: Emami gold coin kept surging in Tehran’s market on Sunday after registering a three-month record high the day before.
According to Tehran Gold and Jewelry Union’s website, the coin gained 40,000 rials ($1.1) and fetched 12,200,000 rials ($326) after a big jump of 160,500 rials ($4) on Saturday.
The other benchmark coin, Bahar Azadi, also witnessed an increase of 40,000 rials ($1.1) to reach 11,790,000 rials ($314.4).
Half Azadi and Quarter Azadi coins increased by 30,000 rials and were traded for 6.4 million rials ($180) and 3.7 million rials ($98.9), respectively, Financial Tribune reported.
Some analysts attribute the gold coin bull run to the proximity of Eid-al-Fitr, which will mark the end of the month of Ramadan next week. Demand usually drops during the fasting month, but rises after the month ends.
Another group of market players reckon that as the delivery date of future gold contracts draws near, speculators are attempting to drive up prices.
In the foreign exchange market, the rial had its biggest fall against the US dollar since May 22. It was quoted at 37,500 to the greenback in Tehran’s open market on Sunday.