Iran: Gold Rises to 1-Month High

Gold prices are rallying again in Iran’s market, buckling the bearish trend in global markets. The benchmark Bahar Azadi gold coin in Tehran crossed 41 million rials ($357) on Wednesday which marks a one- month high for the precious coin. 
Mohammad Kashti-Aray, president of the specialized commission of gold and jewelry at Iran Chamber of Guilds said the rally this week, as has been the case in the past months, was largely due to volatility in the forex market. 
"Foreign exchange rates in the current week had an upward trend and gold followed suite," Kashti-Aray told the Financial Tribune in a phone interview.