High prices set for Iran's pre-sale gold coins

Business Materials 21 January 2012 18:11 (UTC +04:00)

Azerbaijan, Baku, Jan. 21/ Trend M. Moezzi /

The pre-sale price on gold coins in Iran went up 810,000 rials (about $71) on Saturday, Mehr news agency reported.

The Iranian Central Bank (CBI) set the price for pre-sale gold coins to be issued in 6 months at 5.989 million rials (about $530). The new price is $47 more than before. The CBI's price on gold coins issued in four months was 6.274 million rials (about $555) or more than $71.

The pre-sale of gold coins will begin on Monday, January 23. There is no limit set for the amount of coins which individuals can buy. They are only prohibited from selling the coins to legal entities.

Prices on gold coins have increased dramatically over the last few weeks in Iran. On Saturday, the price on whole gold coins was announced at 8.3 million rials (about $735).

The official rial to dollar exchange rate was 11.285 rials on Saturday.