Business And Markets

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.


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