Financial Tribune - Iran’s gold market will reopen on Monday following a month-long hiatus due to restrictions ordered by the government on almost all businesses to impede spread of the coronavirus.

According to Ebrahim Mohammadvali, head of Tehran Gold and Jewelry Union, all gold and jewelry shops can resume business from today.

However, they must observe health and safety protocols announced by Health Ministry, IRNA reported.

With regard to working hours, Mohammadvali said gold shops in malls can remain open until 6:00 p.m but there are no timing restrictions on shops in the main bazaars.

Opening of the gold market is in line with the government’s decision to relax the corona restrictive measures and allow low and medium-risk businesses to resume work.

Mohammadvali had said earlier that the extended closures had undermined the precious metal market. The restrictions, however, had injected new life into online gold trading.

The price of Emami gold coin rose slightly to 62.58 million rials on Sunday, up 0.35%, according to TGJU website. Bahar Azadi gold coin was worth 60 million rials, 1.7% higher than Saturday’s close. Likewise, one gram of 18-karat gold bought 6.1 million rials -- up 1.8% compared to the earlier session.