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Dollar, Azadi Advance

Dollar, Azadi AdvanceDollar, Azadi Advance

The Azadi gold coin advanced to a fresh two week high on Tuesday, recouping losses it sustained during the previous fortnight. The dollar also gained on the rial despite its weakening in the international markets, pointing to skepticism regarding Iran’s nuclear negotiations. The benchmark gold coin climbed by 0.49 percent to 9,175,000 rials by 15:00 GMT, while the greenback hit 32,570 rials with a 0.28 percent rise.  Azadi’s gains came as gold also jumped to a two-week peak, coming just shy of the key $1,200 an ounce level, as a softer dollar increased its appeal as a hedge. Bullion traded at $1194.58 an ounce at 15:00 GMT. The dollar retreated against a basket of major currencies as the euro erased earlier declines, driven by the European Central Bank’s hint at further stimulus. Conversely the rial slipped against the euro and sterling.

Financialtribune.com