Iran`s currency and gold market on verge of new round of fluctuation

Business Materials 12 April 2019 09:35 (UTC +04:00)

Tehran, Iran, April 12


Monday's decision by US President Donald Trump to designate Iran's Islamic Revolutionary Guard Corps (IRGC) as a foreign terrorist organization, caused an increase on currency and coin rates in Iran's free market.

The gold coin experienced the sudden increase by $143.

“Tuesday morning (April 9), the jewelry market was affected by political news and the news related to Iran's Islamic Revolutionary Guard Corps (IRGC), has caused a shock in the gold market, this excitement in gold prices made the currency and gold rates rise,” Mohammad Keshti-Aray, head of Tehran's Gold and Jewelry Union told Trend.

“The gold coin's rate on April 9 amounted to $1250, but now it is being traded at $1166. Also, the price of gold on this day rose to $114 per gram, and the rate of the currency also reached 147,000 rials per US dollar, but now it has fallen by 5,000 rials,” he added.

There was a growing demand for US dollars among ordinary Iranians, who feared more plunge in the value of their assets and growing price of goods, even those not imported from abroad.

Meanwhile, the Central Bank of Iran's governor, Abdulnasser Hemmati has expressed hope that the launch of the Integrated Currency Market in the country would further help the CBI to keep the prices down and prevent any other shocks in the market in the future.