Gold coin prices climb, dollar drops in Iran markets

Business Materials 27 September 2012 18:00 (UTC +04:00)

Azerbaijan, Baku, Sept. 27/ Trend M. Moezzi

Gold coin prices continued their climb in Iran's markets as the dollar's price fell.

Old and new design gold coins are being sold for 20,000 rials more than yesterday, fetching 10.06 million rials, the Iranian Students' News Agency (ISNA) said.

Meanwhile the U.S. dollar, valued at 27,300 rials yesterday, has dropped to 26,600 rials today (on Wednesday). The euro costs 34,300 rials and the pound's price is set at 42,000 rials. Yesterday, the euro was exchanged at 34,300 rials and the pound at 42,900 rials.

One gram of 18 karat gold costs 1.078 million rials today or 10,00 rials less compared to the previous day. One ounce of gold cost $1,763 (USD) on the world markets compared to $1,772 yesterday.

Mohammad Kashtiaray, the head of Iran's Syndicate of Gold and Jewelry Sellers and Manufacturers, attributed the fluctuating prices to greater demand and liquidity in the gold coin, gold and foreign currency market.

The Iranian government's newly established foreign exchange center has set the dollar's value at 23,860 rials and the euro at 30,710 rials today.