Gold, currencies up in Tehran market

Financial Tribune- Experiencing rather uneventful days, both the currency and gold markets registered small rallies on Tuesday to nullify (for the time being) promises made by the government and the Central Bank of Iran that the gold coin price and the US dollar’s exchange rate will moderate in the coming days.

The benchmark Bahar Azadi gold coin slightly gained by midday to fetch 13.96 million rials ($332), according to Tehran Gold and Jewelry Union’s website.

The rial was also quoted at 41,950 to the dollar in the open market while CBI set its official exchange rate at 35,750.

CBI Governor Valiollah Seif had assured the public last week that the rial would appreciate against the greenback, but this has largely failed to materialize.

CBI’s insistence on a stronger rial comes, as the business community has called time and again for the rial to become more “real” for the Iranian exports to become more competitive in neighboring and global markets.