Gold prices in Iran hit record high

Business Materials 15 October 2012 18:10 (UTC +04:00)

Azerbaijan, Baku, Oct.15/ Trend F. Milad/

The gold coins price in Iran have surged sharply to a new peak, ISNA reported.

Each Azadi gold coin was sold at 14.10 million rials, which is the highest peak it reached in history.

Many believe this surge in gold prices is because of the dollar price rise at Iran's free market.

ISNA News Agency reported on Monday that the US dollar was sold at 35,500 rials in the free market.

The U.S. dollar was offered at the price of 25,460 rials in Iran's foreign exchange center. The Euro was also presented at 32,870 rials, the Mehr News Agency reported.

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

The new foreign exchange center was officially inaugurated on September 24 and some 1,000 applications have been registered at the center.

The new center allows importers of goods including truck tires, construction equipment and synthetic fibers to buy dollars at a rate of 2 percent cheaper than the street rate at any given time.

The government 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.