Global and domestic gold prices are not expected to fluctuate much in the coming days, said Mohammad Keshti-Aray, head of Tehran Gold and Jewelers Union, on Thursday.
“The market has been rather stable,” he said. “Considering that gold prices have fluctuated in a certain range in recent weeks and months, it appears that we will not see a major increase or decrease [in prices].”
The precious metal has traded in a tight range since March, fluctuating between $1,177 and $1,224 per ounce.
Keshti-Aray said the current state of the world economy is the reason for gold’s stable price, noting that Iran’s gold market is following the same pattern resulting in “slight” price changes in the precious metal market.
Gold was hovering above a 2-1/2-week low in the international markets on Friday as the dollar gave back some of its recent gains, but the metal was still headed for a second straight weekly decline on the prospect of higher US interest rates, Reuters reported.
Spot gold edged up 0.12 percent to $1,190.20 an ounce by 1108 GMT. Bullion fell to a 2-1/2-week low of $1,180.55 on Thursday but recovered slightly as the dollar and stocks weakened.
Tehran’s gold and foreign exchange market was closed on Friday. The Azadi gold coin closed near eight-week lows at 9,285,000 rials on Thursday, down 0.9 percent for the week.
