Gold Rises

Gold Rises
Gold Rises

Gold in Iran rose on Tuesday as the price of the precious metal had significant fluctuations in international markets.

Gold rose 1.16 percent to 9.25 million rials a gram by 2 PM GMT in bureaux de change in the capital Tehran, while a full gold Bahar Azadi coin was traded at 9,258,000, up 0.9 percent compared to one day prior.

The increase in price was in line with gold's reversal trend in the international markets, as the metal stood at $1,222.35 an ounce by 2 PM GMT, up 0.46 percent compared to Monday's price.

According to Reuters, the rise came after New York Federal Reserve bank President William Dudley played down the importance of the various interest rate projections of Fed members released last week, which some in the market had taken as a signal of a hawkish turn.

Any increase in interest rates would hurt investment in non-interest-bearing assets such as bullion, the report said.