Tehran, Iran, Dec.27
Trend:
An Iranian official has announced the price of gold and gold coin in Iran would drop after the 2019 New Year holidays, while the Central Bank of Iran continues to control the foreign currency rate.
"The world gold price per ounce has reached its highest point in the past 15 months due to fall of oil price and stock markets," the head of Iran's specialized commission of gold and jewelry Mohammad Kashtiaray said, Trend reports via Tasnim news agency.
"In the domestic market, the prices have increased to the highest level recently, by rise of global gold price and foreign currency rate," he noted.
"The prices of gold and gold coin have increased by 11 percent in the past several days. There is transaction in the market but usually when the prices rise, new customers enter the market that is caused by the fear of further gold price rise," he said.
"I don't think the rise would continue, however its predicted that price would face fluctuation in the last days of 2018, but in the future, the global gold price would stabilize. In the domestic market the Central Bank of Iran would control the foreign currency rate to keep the prices more stable," Kashtiaray said.
Following the foreign currency rise and devaluation of Iran national currency during the summer, many have turned to gold market to find a more secure commodity.