Gold overtakes dollar in Tehran market

Financial Tribune – Gold in the domestic market is being traded at all-time highs with analysts warning about bubbles in the price of the precious metal.

Emami gold surged more than 2.5% Saturday and was traded at all-time high of 68.5 million rials ($422) in Tehran, according to market data published on the Tehran Gold and Jewelry Union website.

Bahar Azadi gold coin was worth 65 million rials, up over 0.8% compared to Thursday’s close. Likewise, one gram of 18-karat gold was sold for 6.61 million rials — up 100,000 rials, or 1.5%, compared to the earlier session.