Economy, Business And Markets

Azadi Coin at 3-Month High

Azadi Coin at 3-Month HighAzadi Coin at 3-Month High

Azadi gold coin sold for a record 10.39 million rials in Monday trade, a 0.68% increase, compared with the previous day’s close following the increase in global bullion prices. This marks a three-month high for the benchmark bullion.  

The Emami bullion coin was up 0.73% and sold for 10.395 million rials. The half Azadi gold coin changed hands at 5.45 million rials, marking a 0.18% surge.

A weaker dollar has provided some support for the precious metal’s rally in markets around the world. The price of gold has risen 17% since the start of 2016, buoyed largely by global market volatility and a weaker dollar.

Uncertainty from the US Federal Open Market Committee last week over the timing of future rate increases also helped propel the metal higher by weakening the dollar, Wall Street Journal reported.

Spot gold was up 0.8% at $1,249.46 a troy ounce in midmorning European trade, having reached a near three-week higher earlier in the session at $1,254.30 an ounce.