Currency, gold coin prices drop in Tehran

Financial Tribune – Currency rates and gold coin prices dropped in Tehran’s market last week.

Tehran Gold and Jewelry Union data show the Bahar Azadi Gold Coin was priced at 39.6 million rials at the beginning of the week. Down 3%, it was sold for 38.4 million rials on Thursday’s close, the lowest in the past ten months.

The USD was worth 111,400 rials on Thursday’s close, down 2.4% compared to the day earlier.

Experts familiar with trends in the gold coin market say declining demand is rapidly bringing down prices.

Gold purchases are limited largely to those who want to use it as a gift. Due to high prices, many ordinary folks cannot afford gold and prefer other gifts.