Gold Demand Picks Up
Economy, Business And Markets

Gold Demand Picks Up

With recent upheavals in the foreign exchange market, demand has tilted toward both the US dollar and the precious metal. Although the greenback had remained stable during the past months with dollar’s rate rotating between 33,000 and 33,700 rials, the US currency explored new grounds on Thursday by reaching 34, 000 rials in early trading hours. While the rial gained some of  its lost ground later in the day, the greenback rally came as a surprise, prompting investors to develop more interest in the currency. The event has also stoked investors’ interest in gold with buyers flocking to purchase bullion gold coins on Saturday, ISNA reported. Another reason for gold’s gentle bull run has reportedly to do with the ultimatum issued to bureaux de change to get registered with the regulator within 10 days. Azadi bullion gold coin rose 0.22 % to be traded at 9,100,000 rials as of 1140 GMT and the greenback changed hands at 33,590, jumping 0 .12% compared to previous day’s close.

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