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EghtesadOnline: Coming on the heels of the chaotic forex market, gold prices shot up in Iran on Sunday as the Emami gold reached 161 million rials, rising 5.5 million rials or 3.41% in one day.

It was the highest price ever for the precious metal. While gold prices in Iran are always influenced by currency rates, the precious metal has overtaken due to the frenzy of buyers seeking a safe haven as their rial savings keep shrinking at terrible speed. 

Half-Bahar Azadi gold coin gained 5.7% and was quoted at 87.5 million rials. Likewise, one gram of 18-karat gold rose 2% to reach 14.48 million rials. 

Forex rates, international gold prices and domestic demand are the three main drivers of the domestic bullion market. Driven by much higher demand, the gold coin is said to be worth less than the current prices. 

Ebrahim Mohammad Vali, head of Tehran Gold and Jewelry Union, said Sunday the Emami gold coin is sold 16 million rials above its real value, ILNA reported. It has never been clear who actually decides the “real value” of the yellow metal in Tehran.

In the same vein, Mohammad Keshti-Aray, the union’s vice president in a talk with Tasnim News Agency reflected on the unbalanced supply and demand in the gold market.  

“There is high number of buyers while sellers are not interested” waiting for prices to rise further,  he was quoted as saying. 

Gold climbed more than 1% on Friday in global markets as the dollar retreated to a near three-week low and increased bets for fresh US stimulus pushed investors to bullion as a hedge against likely inflation, Reuters reported.

Spot gold rose 1.4% to $1,919.36 per ounce for the day, en route to a second straight weekly gain of about 1.2%. US gold futures gained 1.6% to $1,925.

 

Gold forex market Emami gold