Economy, Business And Markets

Gold Exporters Await Sanction Relief

Gold Exporters Await Sanction ReliefGold Exporters Await Sanction Relief

Iran’s gold export market could be revived after the economic sanctions are removed, the head of Gold and Jewelry Producers and Exporters Union said.

Iraqi Kurdistan, eastern Europe, Azerbaijan and Turkmenistan are among the export markets Iran lost due to international sanctions imposed on the country over its nuclear energy program, Ebadollah Mohammadvali told ISNA on Saturday.

He regretted that the bureaucracy at times frustrates exporters and called on authorities to render more support to the precious metal industry after the sanction “so that exporters can return to their potential markets.”

After Tehran and the six world powers (five permanent members of the UN Security Council plus Germany) signed a nuclear agreement in July to curb Iran’s nuclear program, the six powers are poised to lift the sanctions latest by  January.

Mohammad Keshti Aray, head of Gold and Jewelry Union, also noted that the gold market is more impacted by domestic economic factors and forecasted no significant change in the price of gold and gold coins in the short-term.

 “Easing of sanctions would move the market only if they improve the  economy as a whole” he said.

He added that the recent decline in gold prices are largely were due to lackluster demand for the yellow metal in both global markets and the neighboring countries.