Iran's gold price increases despite closure of stores

Business Materials 6 April 2020 09:16 (UTC +04:00)
Iran's gold price increases despite closure of stores

TEHRAN, Iran, April 6


Price of gold and gold coin in Iran's market has increased since the start of the coronavirus crisis, while all the guilds in this field have been closed, the Head of Tehran Gold and Jewelry Guild Union Mohammad Keshtiara told Trend.

"The price of gold has grown by about $7 since late February until today but it's unclear whether the growth would continue to increase or not," he added.

"The fluctuation in gold and gold coin market during the coronavirus spread is not specified , it was also affected by the foreign currency price and global gold price rate," he said.

"Iran's gold market has been closed by the order of the National Headquarters to Fight Coronavirus due to spread of the infection across the country, so no production units in the guild are active," he added.

"The price of gold is being calculated based on the current issues, while trade of gold and gold coin in the country has been limited to rare cases but the pricing is being set," he said.

"There is limited trading at some gold stores, whether it's being bought or sold in shops or online but we have been informed that guilds should to remain closed until April 11 and all the economic activities are prohibited," he added.

The World Health Organization (WHO) declared COVID-19 a pandemic on March 11. Some sources claim the coronavirus outbreak started as early as November 2019.

Iran continues to apply strict measures to contain the further infection spread. Reportedly, the disease was brought to Iran by a businessman from Iran's Qom city, who went on a business trip to China, despite official warnings. The man died later from the disease.

The Islamic Republic only announced its first infections and deaths from the coronavirus on Feb. 19.