Economy, Business And Markets

Gold Projected to Fall

Gold Projected to FallGold Projected to Fall

Following the tentative agreement between Iran and the P5+1 (Russia, China, France, Britain, the US plus Germany) over Tehran’s nuclear energy program which was announced Thursday in Lausanne, it is projected that most foreign exchange rates will decrease against the rial, and this will doubtlessly also affect the gold market and gold price will reduce, said head of Gold and Jewelry Guild, Mohammad Keshti-Aray.

In an interview with IRNA, the official predicted that the effects of the nuclear deal will manifest itself in the gold market by Saturday noon. The range of exchange rates is clarified around 11 AM, he said, explaining that the rates which are pronounced by the central bank will determine most prices.

He clarified that although during the Nowruz holidays (the official Iranian spring break on event of the New Year that lasts for two weeks) the markets were not officially working, minor trades were made in the gold market.

After news regarding the landmark nuclear agreement surfaced most foreign exchange currencies depreciated against the rial. The gold bullion coin also fell by 150,000 rials ($5.3 at official exchange rate) during the two-week period.

The official expressed hope that the economy would grow with the nuclear deal now signed.