Financial Tribune- The Central Bank of Iran�s announcement on Friday that people will be able to purchase gold coins in a no-cap countrywide presale from Feb. 4 seems to have had a serious impact on the market, as prices plunged on Saturday.

According to Tehran Gold and Jewelry Union�s website, the benchmark Bahar Azadi gold coin fetched 14.71 million rials ($325) to register a significant 3% decline compared to Thursday�s close while Half Azadi gold coin also registered a decline of more than 1% to be quoted at 7.3 million rials ($162).

TGJU�s director, Ayat Mohammad Vali, is also of the belief that the presale will have a stronger impact than the dozens of gold coin auctions held by CBI so far, but said, �they must continue persistently until the price bubble is completely gone�. CBI has been attempting to curb the gold coin rally for weeks, which had proved to be a tough task.