Iran’s gold market to witness significant price fall
Baku, Azerbaijan, Nov. 1
By Umid Niayesh - Trend:
The chairman of the Iran's Jewelry and Gold Sellers Union, Mohammad Keshti Aray forecasted that the country's domestic gold market will experience serious fall in prices on Nov. 1.
"The price shock would be happened as a result of decline in world gold market price by $59 per ounce," he said, Iran's IRNA news agency reported.
He added that the price of Bahar Azadi gold coin would be decreased by $5.5 to $7.5(based on official rate of 26,714 rials per each USD) by the end of current day.
Bahar Azadi Coin is an Iranian limited circulation minted gold coin offered by the Central Bank of Iran (CBI).
The consequences of the sudden decrease in the global gold price would be higher than expected in domestic markets, he said, adding the domestic gold market is predicted to experience decline over the rate of the international markets.
The decreasing trend of the gold prices will lead to reducing the willingness of investors to invest in the sector, and decrease in deals itself will be followed by even more fall in price, he explained.
The gold coin of Bahar Azadi price is forecasted to fall below 9,120,000 rials on Nov. 1, Keshti Aray said.
Each gram of 18 carat gold will fall to 933,000 rials( $34.9) during the current day, he predicted.