Gold Coin Bullish in Tehran Market 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 ...