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Gold Coin Auctions, Presales to Resume in Iran

Gold Coin Auctions, Presales to ResumeGold Coin Auctions, Presales to Resume

The Central Bank of Iran is to resume its auction and presale of gold coins as of Saturday. According to IBENA, a news website affiliated with the regulator, CBI had launched the two schemes during the final months of the previous fiscal year that rolled out on March 20 with the aim of curbing unruly gold coin prices and defusing their bubble. As currency fluctuations continue in Tehran’s market after the Norouz holidays, gold coins have also registered notable price hikes in the past few days. According to Tehran Gold and Jewelry Union, each benchmark Bahar Azadi gold coin was traded for 17.53 million rials ($348) on Thursday’s market close. 

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