Gold prices fall sharply at Iran’s free market

Business Materials 14 September 2013 14:58 (UTC +04:00)

Azerbaijan, Baku, Sep.14/ Trend R.Zamanov

Each Bahar-e Azadi gold coin was sold at the price of 10.16 million rials at Iran's free market on Saturday, the Mehr News Agency reported.

Each Bahar-e Azadi gold coin was presented at the price of 10.47 million rials on Thursday.

Bahar-e Azadi Coin is an Iranian limited circulation minted gold coin offered by the Central Bank of Iran (CBI).

US dollar was also sold at the price of 31,700 rials at the free market on Saturday, while Euro was presented at the price of 42,300 rials.

U.S. dollar and euro were traded at the prices of 31,750, and 42,600 rials on Saturday.

Leader of Iran's Islamic Revolution Ayatollah Seyyed Ali Khamenei officially endorsed Hassan Rohani as the country's new president for a four-year term on Saturday. Rohani succeeded Mahmoud Ahmadinejad.

Iran's national currency, the rial, lost about 50 percent of its foreign exchange value in less than a week in October 2012, hitting an all-time low of 35,500 compared to the dollar. It was close to 10,000 in early 2011.

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