Tehran, Iran, June 5
The gold trade has dropped recently due to holy month of Ramadan; based on global gold and foreign exchange rates, the prices have declined by five percent, said Mohammad Keshti Aray.
The president of gold and jewelry commission of Iran Chamber of Guilds has discussed the factors influencing gold and gold coin market in the country in an interview with Trend.
"The price of gold and gold coin in Iran is calculated according to global gold and foreign exchange rates. They have increased during past ten years and, consequently, have led to the increase of prices and of the foreign exchange rate in Iran," he said.
"Within past ten years, the price of gold coin in Iran has increased by 1,500 percent," he added.
In his words, the trade of gold declined due to holy month of Ramadan and following holidays, and the prices, which are based on the global gold and foreign exchange rates, have dropped by five percent.
Commenting on the current and future situation of the gold coin market, Keshti Aray said that gold and gold coin market is erratic. "Given that the economic and political situation is currently unpredictable, it is not possible to forecast foreign exchange rate even for the next hours," he added.