Economy, Business And Markets

Azadi Gold Coins Gain

Azadi Gold Coins GainAzadi Gold Coins Gain

Bahar Azadi gold coin was traded at 11.25 million rials ($362.3) in Tehran on Wednesday, up by 1.26% or 140,000 rials compared with the previous day's close.

The Emami gold coin was up 1.1% and sold for 11.26 million rials while the half Azadi coin was traded at 5.64 million rials, marking a 0.89% surge.

The quarter Azadi coin posted a 1.21% rise, changing hands at 2.92 million rials. On Wednesday, the US dollar was traded at 35,400 rials, up by 0.06% compared to the previous day’s close. Euro sold at 39,640 rials, up by 0.61%. British pound was also exchanged at 46,600 rials on Wednesday’s close, up by 90 rials.

In global markets, gold prices reversed earlier losses as investors reacted to a weakening US dollar.

Gold for December delivery was recently up 0.4% at $1,347.20 a troy ounce on the Comex division of the New York Mercantile Exchange, reported. Negative interest rates in Europe and Japan are supporting the price of gold.

The precious metal typically struggles to compete with any yield-bearing investments when interest rates rise, but that disadvantage matters less when borrowing costs are negative, opening the path for more investors to hold the metal.