Gold coin prices set a new record climbing 8% from the Persian New Year holidays in the Tehran market -- from 60.28 million rials ($375) on March 18 to 65.05 million rials on Sunday. The rise was despite the fact that the gold market remains closed due to the COVID-19 crisis.
Observers say gold prices have surged mostly under influence of rising prices of the precious metal in international markets. Foreign exchange rates are also considered as the leading factor impacting gold prices in Iran, though the impact was meager in the past two weeks.
Each US dollar was traded at 158,000 rials on Sunday, slightly higher than the day before. The greenback fetched 157,570 rials before the beginning of the extended Norouz holidays.
Speaking to Tabnak website, Mohammad Keshti-Aray, a board member of Tehran Gold and Jewelry Union, said Emami gold coin prices reached 67 million rials in Saturday trade. "There is no demand for gold coins at the moment, though," he added.
Ememi gold coin was sold for 65.5 million rials on Sunday, registering 2 million rials increase compared to Saturday's close.
TGJU reported a considerable decline on the demand side in the gold market before the beginning of Iranian New Year holidays. "Fluctuations in currency rates and outbreak of the coronavirus have put the market into one of the worst recessions in recent history," the influential union said.
Data on TGJU's website indicates a 28% growth in Emami gold coin prices over the past three month, and 62.3% increase in the past six months. As in other parts of the world, gold is seen as a safe haven in Iran, especially when times are bad and economic uncertainty is the talk of the town.
