EghtesadOnline: Gold coin prices fell 30% in the past 12 months from 55 million rials last October to around 40 million rials now.
EghtesadOnline: Taxing gold coins should not push up prices of the yellow metal because the tax is to be levied on wholesalers who pre-purchased coins from the Central Bank of Iran, says the president of the special gold commission at the Iran Chamber of Guilds.
EghtesadOnline: An official with Iranian National Tax Administration says those who have not sold the pre-purchased gold coins or used it for reimbursing their marriage portion liabilities will be exempt from the new gold coin tax rules.
EghtesadOnline: The benchmark Bahar Azadi Gold Coin that traded at 52.50 million rials ($375) in Tehran during the week, lost more than 7% by Thursday's market close and fetched 48.40 million rials ($345), according to the head of Iran’s Specialized Gold and Jewelry Commission at the Iran Chamber of Guilds.
EghtesadOnline: As stability in the foreign exchange market takes hold, gold prices are also following suit. The benchmark gold coin market dropped again on Tuesday and fetched around 33 million rial ($335), down from 34 million rials a day earlier.
EghtesadOnline: Following the slump in currency rates, the gold coin has also dropped in value in recent weeks to reach the lowest point in the past four months.
EghtesadOnline: Gold prices in Tehran fell 10% during the week to November 29 following the drop in foreign exchange rates. Mohammad Kashtiaray, president of the Special Gold and Jewelry Commission of the Iran Chamber of Guilds said. The decline came as international prices for the yellow metal remained volatile.
EghtesadOnline: The currency and gold coin markets heated up again on Sunday, keeping up a rally that started from the beginning of the trading week on Saturday.
EghtesadOnline: Foreign exchange witnessed a fresh rally in the open market, which was accompanied by a surge in the price of gold coin.
EghtesadOnline: The benchmark Bahar Azadi gold coin gained on Tuesday, as both gold and foreign currency markets await greater stability in the wake of the government's rescue package that was unveiled last week.