Gold Coin Prices Up 2% in Tehran Market
EghtesadOnline: Bahar Azadi and Emami gold coin prices were higher 2% on Tuesday, extending their growth in the past few weeks.
Emami coin was sold for at 46.81 million rials according to Tehran Gold and Jewelry Union's website, up 2% compared with Monday's close.
The benchmark Bahar Azadi gold coin was priced 46.76 million rials -- 2.09% higher than Monday's rate.
Gold coin prices started ascending from late November, when prices hit a multi-month low, Financial Tribune reported.
TGJU data also showed that the price of Emami coins have posted 17.35% growth in the past three months.
The growth is 3% over the past six months, and up 25.7% compared to the same time last year.
Rise in gold prices is largely attributed to bullish trends in global markets for the precious metal in the run-up to the New Year.
This is while the domestic currency market, the main driver of gold prices in Iran in the past, has been relatively stable during the period.
Each US dollar was worth 129,409 rials on Tuesday, showing no significant change compared to Monday's close. The euro was sold at 142,272 rials, slightly higher than the previous day.
The USD exchange rate on Tuesday was 8.8% higher than the average price in the past six months and the euro was 7.19% higher than the average price in the past six months.
Speaking to IRNA, Ibrahim Mohmmad Vali, head of TGJU, said the rise in gold prices in international markets had the highest impact on the domestic market.
Spot gold hit its highest since Sept. 25 at $1,525.20 and was up 0.6% to $1,524.44 per ounce on Monday. US gold futures rose 0.6% to $1,527.60.