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Gold Coin Bullish in Tehran Market Despite Massive Supply

Gold Coin Bullish Despite Massive Supply Gold Coin Bullish Despite Massive Supply

Despite several schemes by the Central Bank of Iran to satisfy the supply side, the gold coin rally has come a long way since the early days of the current fiscal year (started March 21). 
The decision to launch gold presales was taken in late February when a foreign exchange rally swept the markets and spilled over into the gold market. Before that, CBI tried to calm the market through a series of gold coin auctions at attractive prices. 
The measures, of course, proved ineffective as a fresh rally gripped the market in the early days of the new Iranian year, sending the rial to another record low against the dollar–a rally accompanied by other all-time highs for the gold coin. 
A report by IBENA shows that while the benchmark Bahar Azadi coin was priced at 10.70 million rials on April 21, it registered a whopping increase of 8 million rials ...

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