Financial Tribune – 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.
Kashtiaray said moves by the Central Bank of Iran in the forex market had a direct impact on the gold market leading to the steady reversals in its fortunes.
“The price of [benchmark Bahar Azadi] coin was 40.1 million rials at the beginning of the week but later dropped to 3.58 million rials,” Kashtiaray was quoted as saying by the state television.
In his opinion, the bearish market had prompted ordinary investors to sell the coins “kept in their homes.”