Economy, Business And Markets

Gold Coin Auctions to Continue

Gold Coin Auctions to Continue Gold Coin Auctions to Continue

Despite the fact that gold coin auctions organized by the Central Bank of Iran through Bank Melli’s Bank Kargoshaee were halted on Saturday, the regulator’s director of Office for Banknote Issuance announced later in the day that the auctions will continue. “Gold coin supply will certainly continue through auctions, as long as there is demand,” Masoud Rahimi was also quoted as saying by CBI’s website. The halt made the benchmark Bahar Azadi gold coin gain as much as 3% and was traded for 15.3 million rials ($341) on Saturday, but it backtracked slightly by the day’s end. Gold coin auctions were held from Nov. 25 to deflate the price bubble. They were later boosted by the gold coin presale scheme launched in Bank Melli branches nationwide from Feb. 17. More than 420,000 coins have been auctioned and presold as part of the schemes. 


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment