Gold hikes in Iran after Brexit

Business Materials 25 June 2016 15:45 (UTC +04:00)

Tehran, Iran, June 25

By Mehdi Sepahvand – Trend:

On the first working day in Iran after the Brexit, gold went on its biggest hike in the past two years.

The Iranian gold coin gained value by 300,000 rials to be sold at 10,560,000 rials apiece, ISNA news agency reported June 25.

Saturday is the first day of the Iranian week. Each USD is currently changed for about 30,000 rials in Iran.

The increase in gold value across the globe came earlier when each ounce jumped from $1,265 before the British referendum to $1,354 after the results were announced.

On June 23 the British people voted to leave the European Union, the first nation ever to do so. The results made stock markets around the globe open in the red the next day.

When currencies undergo depreciation at such times, gold usually becomes a popular refuge and thus gains value.