TEHRAN, Iran, April 18. The price of gold and gold coin is increasing in Iran following the rise in the global gold price and the Russia-Ukraine conflict, the Vice President of the Gold and Jewelry Union of Iran Mohammad Kashti-Aray told Trend.
"The global gold price increase by $22 per ounce in recent days that led to increase of gold and gold coin price in Iran," he said.
He pointed out that the foreign exchange rate had dropped in the recent days following news of the release of Iran's frozen funds and the Vienna negotiation.
The government has tightened restrictions on the supply, possession, and carrying of foreign cash of foreign so people will rush to sell currency and purchase gold and gold coin for investment which will raise the gold coin bubble.
Iran has issued new regulations governing the supply, possession, and carrying of foreign cash as the country seeks to crack down on foreign currency trafficking amid sanctions that have hampered its access to the international banking system.
The new law enacted earlier this week upon order by Iranian President Ebrahim Raeisi will force everyone possessing foreign cash to declare it on an online exchange system run by the Central Bank of Iran (CBI).