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Price of gold coin continues to decline in Iran

Business Materials 14 September 2011 18:32

Azerbaijan, Baku, Sept. 14 /Trend/

The price of gold coin continues to drop while the USD exchange rate increased Wednesday, IRNA reported.

The official price of USD exchange rate rose to 10,685 rials while euro rate reached 14,560 rials. Meanwhile the price of gold coin dropped after a week of high demands and mounting prices.

The USD exchange rate increased 12,550 rials in independent foreign exchange market while euro rate traded 17,350 rials.

The price of gold coin reduced by the Central Bank of Iran to 6.112 million rials (about $550).

Bahar-e Azadi Coin is an Iranian gold coin minted by the Central Bank of Iran (CBI).

The Central Bank of Iran started to reduce USD exchange rate to maintain the prices. However, the gap between independent foreign exchange market and official USD rate increased while current fluctuation in global market shadowed Iranian gold market.

Previously the Governor of Central Bank of Iran (CBI) Mahmoud Bahmani said since the price of gold in global market increased, it is inevitable that the Central Bank of Iran increases the price of gold coin. However, the price of gold coin continued to increase despite reduction of gold price in global market.

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