Dropping world gold prices affect Iran's market

Iran Materials 22 May 2012 17:08 (UTC +04:00)

Azerbaijan, Baku, May 22/Trend M. Moezzi

The value for one ounce of gold has dropped to $1,577 on world markets today, pulling with it the price of gold coins in Iran.

A new design gold coin cost $514 today while old design coins were sold for $526, down $15 from yesterday, Mehr news agency reports.

The Central Bank of Iran mints and sells the gold coins.

One gram of 18 karat gold was valued at $53, down slightly from yesterday.

The dollar's free market price remained unchanged today at 16,600 rials. Although that price is still higher than the government-set rate of 12,260 rials, it marks a decline from the 20,000 rial to the dollar rate at the start of the year.