Tehran forex, gold markets bullish

Financial Tribune – Foreign exchange rates and gold coin prolonged their rallies on Monday, amid news of President Hassan Rouhani deliberating changes in his economic team, which will likely replace the governor of Central Bank of Iran as his five-year term is coming to an end.

According to reports from the unofficial market, the US dollar’s exchange rate crossed the resistance level of 90,000 rials on Monday and the benchmark gold coin Bahar Azadi jumped above the psychological threshold of 34 million rials ($790 at the official exchange rate).

Gold coin for delivery in December in the futures market has approached 40 million rials ($930), according to Tehran Gold and Jewelry Union’s website. According to the website, Azadi registered a 4.13% increase compared to the previous day.

Monday’s volatility intensified after the heated exchange between Rouhani and US President Donald Trump on Sunday.