Tehran Market: Gold-Greenback Paths Diverge
EghtesadOnline: The gold coin and the US dollar took different courses in Tehran market on Wednesday, with the latter registering a slight gain and the greenback declining against the rial.
Bahar Azadi gold coin gained 15,000 rials and fetched 13.89 million rials ($331), as the benchmark coin continues to defy heavy interventions by the Central Bank of ran aimed at cooling the coin’s recent rally. Over 10 auctions have so far failed to achieve their desired goals, but have succeeded to dent the coin’s bubble. The rial, on the other hand, showed some signs of strengthening against the US dollar, as it was quoted at 41,860 to the dollar, according to rates published on Tehran Gold and Jewelry Union’s website. The futures market indicates a lower exchange rate for Thursday. CBI set the official dollar exchange rate at 35,760 rials on Wednesday, according to Financial Tribune.