EghtesadOnline: Amid the upbeat in the Tehran stock market, gold and currency closed the week bullish despite decline in international gold prices.
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: Currency rates and gold prices continued their steady rise in Tehran amid a bull run in the stock market. On Monday the US dollar climbed above the resistance level of 140,000 rials for the first time in the current calendar year that began on March 21.
EghtesadOnline: Despite an uptick in gold prices in international markets on Monday, the yellow metal stayed almost unchanged in Tehran due largely to falling currency rates.
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: 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: Gold prices are relatively stable according to the head of Iran’s Specialized Gold and Jewelry Commission. Speaking on state TV, Mohammad Keshti-Aray said the clam is due the decline in the international price and demand for the yellow metal and currency rates.
EghtesadOnline: So much for a quiet Friday in late August. After weeks of relative slumber, gold traders were rudely awoken to a surge in volume and volatility. In a span of one minute, gold futures contracts equaling more than 2 million ounces traded -- about 20 minutes before Federal Reserve Chair Janet Yellen was to address a gathering of policy makers in Jackson Hole, Wyoming.
EghtesadOnline: Even as some analysts decry that gold is looking expensive, the rally may be just getting going.
EghtesadOnline: Gold futures extended gains to a nine-week high after a report showed U.S. consumer prices rose less than expected, weakening the case for the Federal Reserve to raise interest rates.