Gold prices fall in Iranian free market

Business Materials 9 October 2012 14:53 (UTC +04:00)

Azerbaijan, Baku, Oct.9/ Trend F.Milad/

Despite the increase of gold prices in global markets, the price of gold coins fell in Iran's free market, ISNA reported.

Each Azadi gold coin was sold at 11.40 million rials, compared to 11.50 million rials the day before. Each ounce of gold was priced at $1772 in international markets. The dollar was not traded in Iran's free market on Tuesday.

The government has set the 28,500 rials price for the free market, but brokers still refuse to trade dollars at the aforementioned price.

The government also maintains an official reference rate of 12,260 rials to the dollar, but only a limited amount of foreign exchange is available at this rate.

On Wednesday, a number of people held a demonstration near the Grand Bazaar of Tehran, using the sharp fall in the value of the Iranian rial as a pretext.

According to reports businessmen are unhappy about the performance of the administration in regulating the foreign exchange market, saying it has caused instability in prices.