Gold and gold coin prices were relatively stable on Tuesday in Tehran’s market, where gold and jewelry stores are still barred from opening due to government restrictions on businesses to curb the spread of the coronavirus.
According to Tehran Gold and Jewelry Union’s website, the price of Emami Gold Coin declined 0.1% and was worth 65 million rials ($406) on Tuesday. The coin ended Monday trade at 65.03 million rials. Likewise, 18-karat gold was worth 6.4 million rials per gram -- a subtle 0.04% increase compared to Monday’s close.
The stability in prices comes after two months of persistent increase, during which the Emami gold coin price increased from 57 million rials to 65 million rials.
“The market is absolutely stagnated,” says Ebrahim Mohammadvali, head of TGJU. “Gold and jewelry is sold mostly online these days,” he told IRNA.
Expressing reservations over trade on the internet, Mohammadvali recommended buyers to wait until April 18, the date when gold and jewelry shops are due to reopen.
As per the government plan, the so-called ‘smart distancing initiative’ low-risk businesses were allowed to reopen on April 11 in all provinces, except Tehran.
Iran added 1,574 patients to the number of infections on Tuesday, with the number reaching 74,877. The number of dead saw a decline with 98 fatalities, down 13 from the day before. This brought total number of lives lost to the virus to 4,683, the Health Ministry spokesman Kianoush Jahanpour said.
Observers say gold prices have surged mostly under the influence of rising prices of the precious metal in international markets. Forex rates are also considered as the leading factor impacting gold prices in Iran, though the impact was meager in the past two weeks.
International gold prices rose to the highest level in more than seven years on Tuesday as concerns over global economic growth decline and a wave of stimulus measures from central banks and governments lifted bullion's appeal, Reuters reported.
Spot gold was up 0.4% at $1,721.54 per ounce, having touched its highest since November 2012. US gold futures rose 0.5% to $1,770.20 an ounce.
