Azerbaijan, Baku, Feb. 2 / Trend M. Moezzi /
Gold coin prices have dropped 250,000 rials (about $20) in Iran while the dollar's price on the black market has stayed at 18,000 rials.
A single old design Bahar Azadi coin cost 8.1 million rials (about $660) compared to 7.9 million rials (about $644) on Tuesday, said Mohammad Kashtiaray, the head of Iran's Syndicate of Gold and Jewelry Sellers and Manufacturers. New single design Bahazr Azadi coins were 250,000 rials cheaper yesterday as well. The price for one new design coin was 780,000 rials ($636) yesterday compared to 8 million rials ($656) on Tuesday.
One ounce of gold was valued at $1,750 on global markets -- a $20 price hike.
Despite the Central Bank of Iran's (CBI) announcement that the dollar would be sold at a single rate of 12,260 rials, Iran's black market currency traders were charging between 18,000 to 23,800 rials to the dollar on Wednesday.
The CBI declared the single rate in a move to help stabilize Iran's currency market as worries about Iran's economy and the effects of sanctions imposed by the United States and its allies drove Iranians toward the foreign currency and gold coin markets pushing their prices
to all time highs.
For the moment, the bank hasn't been successful in bringing down the dollar's price.
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