Economy, Business And Markets

Gold Coin Up

Gold Coin Up Gold Coin Up

Bahar Azadi gold coin gained 0.63% on Sunday ahead of a presale by the Central Bank of Iran scheduled on Tuesday. The benchmark coin fetched 15.19 million rials ($320), staying above its psychological threshold of 15 million rials. Gold coin has been bullish in the past month and numerous CBI schemes have failed to check its rally. While banks staged several auctions in the recent past, it seems to have backtracked and chosen to launch presales at knockdown prices. The head of Coin and Banknote Issuance Department at CBI said at a news conference on Sunday that the bank makes its moves based on supply and demand mechanism and it aims to minimize its market intervention. Masoud Rahimi added that currently the gold coin’s bubble has mostly deflated and stands at 200,000-300,000 rials.     


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