Economy, Business And Markets
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Gold, Currencies Decline in Tehran Market

Gold,  Currencies  Decline Gold,  Currencies  Decline

Both the currency and gold markets were in a bearish mood on Saturday with both the benchmark gold coin and the US dollar losing their value in Tehran market.

On the first day of the Iranian working week, Azadi gold coin lost 1.11% of its value to be sold at 13.97 million rials ($333).

The coin, which had started a heated rally in the past few weeks, is now cooling but its bubble persists.

In the foreign exchange market, the rial was quoted at 41,900 rials to the greenback, as the Iranian currency gained some ground after reaching all-time lows.

The Central Bank of Iran set the official exchange rate at 35,659.

The country’s dual exchange rate has come under the spotlight, as the parliament gears to debate the 2018-19 budget law and public expenditure.    

 

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