Economy, Business And Markets

Rial Falls, Bullion Rises

Rial Falls, Bullion RisesRial Falls, Bullion Rises

The rial fell against all major currencies on Monday.  The US dollar gained the most versus the rial, advancing by 0.49 percent to 32,610 rials by 14:30 GMT. The euro and the sterling also rose by 0.25 percent and 0.22 percent, respectively. The euro hit 40,580 rials while sterling climbed to 50,980 rials on the news.

The price of Azadi bullion coin also surged as safe haven demand in Tehran outdid the fall in gold’s price in the international spot market. The Azadi rose by 0.82 percent to 9,215,000 rials while bullion for immediate delivery edged down 0.21 percent to 1,199.08 an ounce.

Gold slipped on Monday, as the greenback steadied its advance but prices remained near a three-week high after a surprise rate cut in China raised hopes demand for bullion in the top consumer would increase. The dollar is near its strongest in five years against a basket of major currencies due to a recovering US economy.