Gold price in Iran falls despite rise in global markets

Business Materials 14 October 2013 16:49 (UTC +04:00)

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

Each Bahar-e Azadi gold coin was sold at the price of 928,000 rials at Iran's free market on Monday, the ISNA News Agency reported.

It is while the gold price is rising in the global markets.

Each Bahar-e Azadi gold coin was presented at the price of 934,000 rials on Sunday.

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 30,200 rials at the free market on Monday, while Euro was presented at the price of 41,000 rials.

U.S. dollar and euro were traded at the prices of 30,200, and 40,950 rials on Sunday.

Iran's national currency, the rial, lost about 50 percent of its foreign exchange value in less than a week in October 2012, standing at 35,500 versus 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.