3887
Azadi Follows Gold’s Freefall
Economy, Business And Markets

Azadi Follows Gold’s Freefall

Tehran’s currency market was taken by tumult on Saturday as Friday’s hit on bullion transpired into a fall in the Azadi gold coin. Gold took a large hit on Friday, as a rally in the dollar hit precious metals.
Azadi, the benchmark gold coin, tumbled by 1.15 percent to 9,133,000 rials and the dollar advanced 0.25 percent reaching 32,510 rials on the news, though the changes in price were dampened by the looming threat of a breakup in Iran’s nuclear negotiations, bolstering gold’s safe haven status in the Iranian market.
Gold and silver sank to a four-year low on Friday as the dollar surged against the yen and other major currencies after the Bank of Japan shocked global financial markets by expanding its massive stimulus spending.
Although other gold-denominated coins also fell in reaction to the news, their declines were smaller, with Half-Azadi falling 0.5 percent to 4,620,000 rials and the Quarter-Azadi going down 0.28 percent.
Bullion for immediate delivery broke below $1,180.50 an ounce, a level bullion had held twice during its last two major selloffs in June and December last year.
 It also briefly held the mark earlier this month until Friday’s drop.
Spot gold slid as much as 3 percent to its lowest since July 2010 at $1,161.25 an ounce in earlier trade, Reuters reported. It was last down 2.25 percent at $1,171.71 by 19:57 GMT Friday for its biggest one-day rout since July.
The metal breached important support levels at $1,200 and $1,180, where stop losses - automatic sale orders - were placed and was on track for a 4.8 percent drop this week, the biggest weekly decline since June 2013.
Spot silver earlier fell 4 percent to its lowest since February 2010 at $15.76 an ounce and was poised for a fourth straight monthly drop. It was down 1.71 percent at $16.14, according to Reuters.
Gold and silver were already facing some heat after the US Federal Reserve earlier in the week largely dismissed financial market volatility as factors that might undercut progress toward its unemployment and inflation goals.

Short URL : http://goo.gl/vPfYqI

You can also read ...

Central Bank of Iran Against Market Intervention
Central Bank of Iran's Governor Abdolnasser Hemmati said the...
New Forex Initiative Unable to Tip Scales
The new forex initiative has only managed to fix major policy...
VDMA Backs Iran Trade
Germany’s plastics and rubber machinery trade association,...
Equity-Based Sukuk Return to Iran Capital Market
The government is set to clear part of its debt to Social...
Musk Bid for Tesla Still Murky
Tesla Inc’s board named a special committee of three directors...
Tehran Shows 4th Biggest Upturn in Economist’s Livability Index
Tehran is one of the top five cities in the world to have...
Over €81m Worth of Airport Equipment Purchased  Post JCPOA
Iran Airports & Air Navigation Company, an arm of the...
S. Korea Bans Recalled BMWs Over Fire Fears
The South Korean government has said it will ban about 20,000...

Trending

Googleplus