Gold Down, USD Up

Bahar Azadi Gold Coin fell by 100,000 rials on Wednesday, changing hands for 12.10 million rials ($323) in Tehran’s market to witness another drop after an unexpected rally in recent days. Speculative activities created a bubble in gold coin market to push the price to 12.35 million rials ($330) on Monday to reach its highest since September 2013. The figure, however, fell during the two following days by 15,000 and 10,000 rials to prove the short-lived rally was not supported by global trends, as speculators pulled the strings behind the scene. This is while the US dollar was exchanged for nearly 38,000 rials in Tehran’s market on Wednesday to register an increase of 400 rials or 1% compared with Tuesday. USD reached its highest rate over the past month, as the Iranian New Year (on March 21) is only a few days away.