System for buy/sell operations of gold to be created in Iran

Finance Materials 8 September 2020 12:13 (UTC +04:00)
System for buy/sell operations of gold to be created in Iran

BAKU, Azerbaijan, September 8

By Elnur Baghishov – Trend:

A system for buy/sell operations of gold and gold coins will be established in Iran by the end of the current Iranian year (from March 20, 2020 to March 21, 2021), Vice-Chairman of the Tehran Gold and Jewelry Guild Union Mohammad Kashtiaray told Ibena news agency, Trend reports.

Kashtiaray noted that there is no exact information about the current gold trade in Iran, how much gold the citizens have and so on.

The official added that with the establishment of this system, many suspicious transactions, money laundering and brokerage can be prevented.

According to him, this system will protect the interests of customers and individuals who are operating in the area of gold and gold coins.

Kashtiaray emphasized that another advantage of this system is in terms of security. Thus, it will be possible to track any armed thefts through this system.

“An application related to the system is being prepared. Thus, all buy/sell operations will be controlled," he said.

The new edition of Iran's Bahar Azadi gold coin was sold for 114.2 million rials (about $2,719) today on September 8.

In addition, the price of one gram of 18-karat gold was sold 11.12 million rials (about $264) on September 8.