Gold coin prices fall on Iran’s free market
Baku, Azerbaijan, Dec. 3
By Rahim Zamanov - Trend:
Each Bahar-e Azadi gold coin was sold at the price of 851,000 rials on Iran's free market on Tuesday, the ISNA News Agency reported on December 3.
The Bahar-e Azadi gold coin was presented at the price of 851,000 rials on Monday.
Bahar-e Azadi coins are an Iranian limited circulation minted gold coin offered by the Central Bank of Iran (CBI).
The fall in prices follows sharp drops in the price of gold on global markets.
The U.S. dollar was also sold at the price of 29,400 rials on the free market on Tuesday, while the euro was presented at the price of 40,050 rials.
U.S. dollars and euros were each traded at the prices of 29,500, and 40,250 rials on Monday.
Iran's national currency the rial, lost about 50 per cent 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 rial price for the free market, but brokers refuse to trade dollars at the aforementioned price.