Financial Tribune – As stability in the foreign exchange market takes hold, gold prices are also following suit. The benchmark gold coin market dropped again on Tuesday and fetched around 33 million rial ($335), down from 34 million rials a day earlier.
Tuesday’s sharp fall put the coin, which turned into a popular safe haven asset during the unprecedented currency crisis in the past months, at its lowest level for six months.
Mohammad Kashati-Aray, president of the Specialized Gold and Jewelry Commission at the Iran Chamber of Guilds told the Financial Tribune that the main reason for the decline in the gold market is the drop in foreign exchange rates.
The US dollar was traded for around 101,000 rials on Tuesday but has occasionally dropped below the support level of 100,000 rials in the past days.