Azadi gold coin rose slightly on Tuesday as gold prices surged in global markets. By 2:20 pm the benchmark coin was sold at 9.29 million rials ($310 ) or .65% up from yesterday’s close.
Gold prices were up slightly in London on Tuesday, but remained under pressure amid weak physical demand for the yellow metal. Spot gold was up 0.1% at $1,137.26 a troy ounce in morning European trade.
Market participants interpreted last week’s weak US jobs data as an indication the Federal Reserve is likely to keep interest rates lower for longer, a bullish sign for gold and other commodities. Gold has so far struggled to rally past the psychologically important level of $1,150 a troy ounce on concerns over physical demand.
Investors have been buying through gold-backed funds in the past two weeks. Holdings rose 0.5 metric ton to 1,531.8 tons as of Monday, near the highest level since July, data compiled by Bloomberg show. Among other precious metals, spot silver was up 0.5% at $15.690 an ounce, spot platinum was up 0.6% at $920.00 an ounce and spot palladium was up 0.5% at $696.00 an ounce.
