Economy, Business And Markets

Azadi Rebounds

Azadi ReboundsAzadi Rebounds

Benchmark Azadi bullion coin rebound on Saturday, after two days of decline, catching up on gold’s higher close on Friday.

Azadi gained 0.71 percent and reached 9,950,000 rials by 12:47 GMT on Saturday as equities sank to a new low in Tehran on falling crude oil prices.

Gold rose on Friday after a mixed US jobs report and the metal posted its first weekly gain in four, thanks to safe-haven bids amid political uncertainty in Greece plus robust Chinese demand.

Spot gold advanced 1.2 percent to a three-week high of $1,223.25 an ounce by Friday’s close.

“Safe-haven demand appears to be rising again as oil prices slump and concerns grow about Greece exiting the euro,” ScotiaMocatta analysts said in a note, adding that physical demand in top consumer China had also been a factor.

Concerns of Iran’s widening budget deficit in light of plunging oil prices, which have halved since June, coupled with political uncertainty surrounding the result of negotiations over Iran’s nuclear energy program are sending Iranian investors towards the safety of gold and foreign currencies.

Other gold coin denominations also rose on Saturday, with the Emami gold coin in the lead. The Emami went up 0.76 percent to 9,960,000 rials. Smaller denominations had lesser gains.