Gold Price in Tehran Market Hike Explained

The recent 200,000-rial ($4.66) increase in the rate of Bahar Azadi gold coin and the 30,000-rial ($7) rise in gold prices have followed the $28 hike for each ounce of gold in the world market, the head of Tehran’s Gold and Jewelry Union said. “The gold coin auctions of the past few weeks have had a tremendous impact on the market. If it were not for them, we would have been facing a severe bubble, but they have decreased the volatility,” Mohammad Keshti-Aray also told IBENA. He added that foreign exchange rates also witnessed a rally in the Iranian market. Keshti-Aray noted that the volume of deals currently stands at a normal level in the market and nothing is out of the ordinary. Each Emami gold coin was traded for 14.61 million rials ($340.63) on Saturday, TGJU’s website announced.