Gold in Tehran steady despite Int’l rally

Financial Tribune – Despite an uptick in gold prices in international markets on Monday, the yellow metal stayed almost unchanged in Tehran due largely to falling currency rates.

The benchmark Bahar Azadi coin fetched 38.4 million rials ($350) on Monday, according to the Tehran Gold and Jewelry Union website.

Global gold prices rose Monday as the dollar fell on expectations that the US Federal Reserve will not raise rates this year and as Asian stocks tumbled after lackluster China data pointed to a slowdown in the world’s second-largest economy, Reuters reported.

“The reason for gold holding steady [in Tehran] was due to the exchange rates falling on Monday after a move by the Central Bank of Iran [to intervene] in the market,” Mohammad Keshti-Aray, president of the gold and jewelry commission of the Iran Chamber of Guilds told the Financial Tribune.