EghtesdaOnline: Speculative trade in the gold coin market is surging, although the coin’s price bubble has burst, the head of Iran’s Specialized Gold and Jewelry Commission said.
Mohammad Keshti-Aray, however, added that the scale of trade in the gold coin market has subsided and price volatility has also subsided. The reason, he said, was the proximity of the religious mourning occasions of Tasua and Ashura that commemorate the martyrdom of Imam Hussein (PBUH) and his companions. The official said the current price bubble of the coin is about 9 million rials ($89). On Monday, the benchmark Bahar Azadi was traded at 39.50 million ($391). The volatility in the gold coin market accompanied the currency chaos that has seen the rial’s value drop by more than half since last summer, according to Financial Tribune.