Currency and gold dip in Tehran market

Financial Tribune – Gold and currency prices fell in domestic market at the start of the week on Saturday as Tehran market began responding to de-escalation of political and military tensions in the region.

The US dollar, which changed hands as high as 138,000 rials last week, retreated back to the supportive level of 130,000 rials, down 1.2% compared with Thursday’s close.

Euro was traded at 147,000 rials, down 2,000 rials, and the pound sterling was worth 173,500 rials, according to the Tehran Gold and Jewelry Union’s website.

Following the drop in currency rates, and unlike a bull market in global markets, gold coins prices also fell on Saturday. According to TGJU, Emami gold coin price dropped 0.9% to reach 47 million rials and the Bahar Azadi gold coin fetched 46.45 million rials, down 0.5%.

In world markets gold edged up to $1,561 on Friday afternoon, reversing falls a day earlier. The yellow metal reached a near seven-year high earlier in the week as investors rushed to safety on increasing US-Iran tensions, according to CNBC.

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