TEHRAN, Iran, June.29
Trend:
Demand for gold and gold coin has increased in Iran's gold market while foreign currency rates increased and caused gold and gold coin price hike, said the Head of Iran Gold and Jewelry Association.
"Demand for purchase of gold and gold coin has increased this summer as of previous summers due to growing wedding ceremonies and improve the market," Mohammad Keshtiaray told Trend in an interview.
The global gold price has declined by $3 dollars but the foreign currency rates in Iran are rising.
The gold bubble has increased simultaneously with the rising demand in the gold market. The price of the gold coin has increased by 2.6 million rials (about $61) in the past three days.
"The market trade has stopped in previous weeks due to the presidential election but transactions resumed after the election which led to increase in demand," he said.
"Gold sales and purchases would naturally increase during wedding season," Keshtiaray added.
The price of 18-carat gold price per gram is 16 million rials (about $392) while the price of the gold coin is 107 million rials (about $2,500).