Gold price increases sharply in Iran

Business Materials 17 September 2011 18:04

Azerbaijan , Baku, Sept. 17 /Trend, A.Gurbanova/

The price of gold coin started to increase sharply despite speculations over decline of gold price in coming days, ILNA reported.

Unlike slight drop of gold coin price in recent days gold price started to rise Saturday due to increase of USD exchange rate in domestic market.

The price of gold coin increased to 6.040 million rials (about $550) and it's expected to rise in coming days.

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

The USD exchange rate reached 12,750 rials while the rates of euro traded 17,750 rials in foreign independent exchange market.

Previously the Governor of Central Bank of Iran (CBI) Mahmoud Bahmani said since the price of gold in global market increased it's inevitable that the Central Bank of Iran increases the price of gold coin.