Price of gold reduces in Iran

Business Materials 24 September 2011 16:28

Azerbaijan, Baku, Sept. 24 /Trend A. Qurbanova/

The price of gold continues to reduce in Iran due to the law prices in the global market, the Head of the Gold and Jewelry Union of Iran, Mohammad Kashti-Aray, was quoted as saying by MEHR.

"The domestic market will record a decline in the price of gold and the price of gold coin will also reduce in upcoming days," he said.

He said the price of gold coin will reduce to 5.350 million rials ( about $490). The figure is expected to further drop in future.

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

The price of gold coin sharply increased last week due to high demands in domestic market.

Governor of the CBI Mahmoud Bahmani said earlier that the bank will raise the price of gold coin in case of the high prices for gold in global market.