Gold and currency prices rose on Wednesday in Tehran after remaining lukewarm for several days. Vacillating below 250,000 rials in the past few sessions, the dollar jumped to 260,000 rials in the open market, up 1.4% or 3,500 rials.
Other major currencies, namely euro, UK pound and UAE dirham also gained. The euro was up 0.74% daily to reach 314,000 rials, the UK pound sterling fetched 345,480 rials gaining 0.9%.
The dirham strengthened the foothold above the critical 70,000 rials and was worth 71,640 rials, posting 1.2% growth compared to a session earlier, according to eghtesadnews.
Rates also rose at moneychangers affiliated to the Central Bank of Iran. They pushed up the USD rate by 1% to 257,810 rials. In the regulated forex market, the domestic wholesale currency hub, the American currency was 1.41% higher or 3,620 rials to be quoted at 256,000 rials.
The regulated market is a network of banks and certified moneychangers working under CBI supervision. Traders in the market deal in wholesale trade.
Gold Rises
Price of the yellow metal increased slightly following the rise in forex rates. The Emami gold coin advanced to 119 million rials, up 1.5 million rials or 1.3% compared to the earlier session.
Half Bahar Azadi gold coin was worth 62.5 million rials, unchanged compared with previous session. One gram of 18-karat gold was worth 11.49 million rials up 0.6%, according to Tehran Gold and Jewelry Union website.
Gold prices inched higher in global markets on Wednesday after Donald Trump’s threat not to sign the US pandemic relief bill triggered a drop in the dollar. Spot gold was up 0.1% at $1,860.81 per ounce by 1250 GMT, while US gold futures fell 0.3% to $1,864.60 per ounce, Reuters reported.
Bullion has climbed about 23% so far this year and is poised for its biggest annual gain since 2010 as central banks and governments globally unleashed unmatched stimulus to cushion the economic blow of the coronavirus crisis.
