TEHRAN, Iran, April 27
Trend:
Iran's domestic market is affected by the oil price collapse and coronavirus spread, said a member of Iran's Gold, Jewelry, Silver and Precious Stones Producers Association.
Abdollah Mohammadvali has discussed the fluctuation in gold market amid coronavirus and after oil price crash in an interview with Trend.
"The oil price changes have effected not only domestic gold market, but also the stock exchange," he said.
"In recent months, the global gold price has increased up to $280 per ounce, while such trend was not observed last year," Mohammadvali added. "Meanwhile, the gold market during the holy month of Ramadan and amid coronavirus spread has become less active."
"The issue has become more serious due to devaluation of Iran's national currency," he said. "The gold industry needs stability, the gold price also should be relatively stable, as the fluctuation is not good for the market. Given that the monetary and investment security in the market changes too often, the market future is uncertain."
"The only way to change the situation is the cooperation between officials, the industry and production units; otherwise, the gold production will suffer loses," he said.