Economy, Business And Markets

Iran Gold Presales Moving Long Term

Gold Presales Moving Long Term Gold Presales Moving Long Term

The Central Bank of Iran, as part of its policy to adopt a long-term strategy in the gold market, has stopped the sale of gold coins with three-month maturities, local media reported on Sunday. 
Last week, the CBI had also ended the sale of gold coins with one-month maturities. The presales, which are taking place through Bank Melli Iran, are meant to stabilize the extraordinarily bullish gold market and, by extension, the foreign exchange market. 
Masoud Rahimi, director of CBI’s Office for Banknote Issuance, had said on Saturday that the bank is stopping gold coin sales with short-term maturities because due to high demand, the bank cannot mint coins within the deadline. 
Analysts also point to CBI’s intentions to prevent inflationary expectations in the gold market by shifting to long-term sales. 


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