Financial Tribune – Gold coin prices faltered on Tuesday in the domestic market after reaching to the all-time high a session earlier.
Emami gold coin, which hit a historic high of 112.4 million rials on Monday, lost close to 2%, or 2 million rials on Tuesday to be priced at 110.4 million rials.
Bahar Azadi gold coin was unchanged at 106 million rials. One gram of 18-carat gold dropped 0.12% to reach 10.61 million rials, according to the Tehran Gold and Jewelry Union website.
In global markets, gold fell as much as 1.8% on Tuesday from an all-time peak as the dollar firmed and investors squared positions after a rapid rally, Reuters reported.
Spot gold was 0.5% down at $1,931.84 per ounce for the day, retreating from a record $1,980.57 hit earlier, as traders took profits. US gold futures were 0.2% lower at $1,926.70.
Gold prices declined in Tehran despite the fact that foreign currencies advanced. Domestic gold prices are always influenced by currency market trends.
The US dollar gained close to 1% in Tehran’s free market and sold for 234,000 rials on Tuesday. One euro bought 270,000 rials, almost unchanged compared to Monday’s close.
Selected moneychangers affiliated to the Central Bank of Iran offered the greenback at 204,901 rials.