Iran: Gold coin slumps to 4-month low

Financial Tribune – Following the slump in currency rates in Tehran market, the gold coin has also dropped in value in recent weeks to reach the lowest point in the past four months.

According to Mohammad Kashti-Aray, president of Iran’s Special Commission of Gold and Jewelry, the gold coin registered significant declines during the week to December 13.

Gold and foreign exchange rates in Iran tend to move in tandem as both often turn into safe haven assets when times are bad. Kashti-Aray told state TV that although global gold prices have also declined, lower rates for hard currencies in the market are the main reason why gold prices are also declining.