Forex Spirals Down and Gold Is Hit Hard

Foreign exchange rates plunged and the rial strengthened on Saturday amid new reports about progress in negotiations to revive the Iran nuclear deal. 
The dollar lost more than 3.6% against the rial and was quoted at 265,000 rials in Tehran’s free market, almost 10,000 rials lower compared with the session before. 
Iran’s currency market is highly sensitive to political developments, particularly the fate of the landmark 2015 nuclear deal which the US, under Donald Trump, abandoned in 2018 and imposed tough economic sanctions on Tehran to force it agree to a new agreement on Washington’s terms.