Gold coin gains in Tehran market

Financial Tribune – 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.

According to Tehran Gold and Jewelry Union’s website, the gold coin gained by 1.69% and fetched 39.10 million rials ($482), thereby approaching the resistance level of 40 million rials again. In the past weeks and amid its most intense volatility, the coin even hit the historic high of 45 million rials.

The traditionally popular gold coin has turned into a safe haven asset for Iranians in the wake of the most severe currency crash in recent years, which has seen the rial lose 40% of its value since April.