Business And Markets
0

Gold Prices Drop 5% in Tehran

Gold Prices Drop 5% in Tehran
Gold Prices Drop 5% in Tehran

Gold prices declined sharply on Saturday in Tehran amid a rush of sellers following a steep downturn in world markets.
The popular Emami gold coin lost more than 4.8% and was quoted at 103.1 million rials, losing 4.95 million rials compared to Thursday.  
Half Emami coin dropped slightly by 0.35% to reach 58.3 million rials and one gram of 18-karat gold was worth 10.19 million rials, down 4.5% compared with the earlier session.
Iran’s gold market is under pressure due to a combination of factors, namely decline in foreign exchange rates, excess supply and sluggish international markets, Mohammad Kashtiaray, president of the gold and jewelry commission at Iran Chamber of Guild, said.

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com