Head of the Gold and Jewelry Producers and Exporters Union says the recent surge in the local gold market is rooted in global trends, banker.ir reported. As stocks plunged around the world, the yellow metal jumped $18 an announce in the past few days. With the rise of the greenback against the rial, the price of gold and gold coins also rose in the local market, Mohammad Keshti-Araya said. He opined that the higher prices are “normal and do not indicate a bubble in the market as supply and demand are balanced.” The benchmark gold coin climbed by 190,000 rials to 9.53 million rials this week compared to the previous week when it was sold for 9.34 million rials.
