Iran currency, gold enter bull market

Financial Tribune – A mid the upbeat in the Tehran stock market, gold and currency closed the week bullish despite decline in international gold prices.

The US dollar briefly climbed above the resistance level of 145,000 on Thursday, up 1.5% compared to a day earlier. The euro traded for 162,000 rials and the UK pound fetched 187,000 rials.

The gold market, which took influence from both the local and global currency market, soared on Thursday spurred by stoking forex rates and indifferent to the fall in the global value of the yellow metal.

Gold coin climbed to over 50 million rials ($357) on Wednesday to break the resistance channel for a second time in the week.