Tehran, Iran, July 7
Trend:
The price of gold in Iran's market has dropped, while the country is set to exceed uranium enrichment limit and reduce its nuclear deal commitments.
Mohammad Kashtiaray, Head of Gold and Jewelry Union, discussed the drop of gold price in an interview with Trend .
"The global gold price has increased last week to $1,424 per ounce, but on Sunday it has reached $1,399 that indicates $25 drop," he said.
"While the foreign currency rate has increased on Saturday and Sunday, the gold coin and gold prices have been dropped," he noted. "The price of gold coin in Iran's market has dropped from $1,104 to about $1,100 while the18K gold price fell to $103 per gram."
" The price of half gold coin dropped to $564, while the price of one quarter gold coin decreased to $357. The rate of 4.25 grams of gold reduced to $448," he added.
"The global price in Iran is calculated according to global rate, in which price of gold per ounce in dollar is multiplied by its rate in rial, then the figure is divided based on the weight of one ounce to set the price of 24K gold per gram in rial," he said explaining the process of setting price of gold.
"The prices are calculated every day and are released by media after coordination with the Gold and Jewelry Union," he indicated.
Iran has announced that it will reduce commitment to the Joint Comprehensive Plan of Action (JCPOA) from July 7. The Iranian President Hassan Rouhani has stated that the enriched uranium will no longer be 3.67 percent and will increase based on necessary needs.
The increase of enrichment started Sunday marked the end of a 60-day ultimatum the country gave to the European signatories of the deal to ease sanctions on its banking and oil sectors.
Accordingly, the Arak reactor will resume its previous position that was claimed to be capable of producing plutonium.
Iranian market has reacted to the government new position toward JCPOA in Sunday by decrease of the the prices.