TEHRAN, Iran, July 7
By Sara Riazi - Trend:
Following the fifth wave of coronavirus in Iran and closure of markets, trading gold has declined but it would not affect the price since gold rate is based on global price and foreign currency rate, president of the gold and jewelry commission at Iran Chamber of Guild Mohammad Kashtiaray told Trend.
"With regards to the gold coin price, when the market is closed, the demand declines that leads to reduce of gold coin bubble, " Kashtiaray said.
"The foreign currency rate has major impact on gold and gold coin price. Foreign currency rate depends on two factors that include domestic policies such as the Central Bank of Iran management and the ongoing Vienna negotiations," he said.
"The Vienna negotiations have major impact on foreign currency rate and consequently price of gold. Therefore when negotiations are positive and there are indications of lifting sanctions and liberating Iran's blocked foreign currency resources, it would reduce the rate of foreign currency," he said.
"Any event that affects the foreign currency rate, it immediately affects the price of gold and gold coin in Iran," he said.