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Gold price in Iran falls despite rise in global markets

Iran Materials 14 October 2013 15:25 (UTC +04:00)

Azerbaijan, Baku, Oct.14/ Trend R.Zamanov

Each Bahar-e Azadi gold coin was sold at the price of 928,000 rials on Iran's free market on Monday, the ISNA News Agency reported.

The Bahar-e Azadi gold coin was presented at the price of 934,000 rials on Sunday. This coin is an Iranian limited circulation minted gold coin offered by the Central Bank of Iran (CBI).

It is while the gold price is rising on the global markets.

The US dollar was also sold at the price of 30,200 rials on the free market on Monday, whilst the Euro was presented at the price of 41,000 rials.

The U.S. dollar and euro were traded at the prices of 30,200 and 40,950 rials on Sunday.

Iran's national currency the rial, lost about 50 per cent of its foreign exchange value in less than a week in October 2012, standing at 35,500 versus the dollar. It was close to 10,000 in early 2011.

The government has set a 28,500 rials price for the free market, but ‎brokers refuse to trade the dollar at the official price.

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