Financial Tribune – The benchmark Bahar Azadi Gold Coin that traded at 52.50 million rials ($375) in Tehran during the week, lost more than 7% by Thursday’s market close and fetched 48.40 million rials ($345), according to the head of Iran’s Specialized Gold and Jewelry Commission at the Iran Chamber of Guilds.
The price of half and quarter coins was 27.50 million rials and 17.70 million rials respectively, Mohammad Kashti-Aray said, Tasnim News Agency reported.
He put the international price of the yellow metal at $1,306 per ounce while 18-karat gold was traded at 4.77 million rials ($34) per gram on Thursday.
“Demand and supply are almost balanced and there is no severe bubble in the gold markets,” he added.
Gold and foreign currency rates jumped in the middle of the week with the US dollar crossing the resistance level of 140,000 rials as the US government moved to designate a branch of Iran’s military as terrorist group.
In an Instagram post, the CBI chief Abdolnasser Hemmati said the “unwise move by the US” on Monday against the Islamic Revolution Guards Corps was yet another indication of its failed policies in targeting Iran’s financial economy and markets.
Hemmati said despite the new developments and forex rate swings, the Central Bank of Iran has a “strong presence in the foreign exchange market to control currency rates” and cautioned the people against buying foreign currency.
Later in the week and through moves by the CBI, including extending working hours of bank-affiliated exchange shops, the greenback dropped below 140,000 rials.