Gold, FX Rates Recede in Tehran

A decline in foreign exchange rates and diminished demand has caused a drop of about 700,000 rials ($16.2) in the price of Bahar Azadi gold coin, meaning that gold coin prices have “balanced” and the bubble that had formed is no more, the head of Tehran’s Gold and Jewelry Union said. “The gold coin auctions at [Bank Melli Iran-affiliate] Bank Kargoshaee were also one of the main reasons that eliminated the price bubble of coins,” Mohammad Keshti-Aray also told IBENA. The Bahar Azadi gold coin was traded at around 14.3 million rials ($332) on Saturday, indicating a notable decrease from Thursday’s 15.1 million rials ($351), according to TGJU’s website. The US dollar was traded for 43,300 rials, compared to Thursday’s late trade of 44,200 rials that signified another all-time low for the Iranian currency.