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Iran may hit record for gold prices soon - Gold and Jewelry Union's VP

Business Materials 31 July 2021 11:45 (UTC +04:00)
Iran may hit record for gold prices soon - Gold and Jewelry Union's VP

TEHRAN, Iran, July 31

Trend:

There's a possibility of a new record for gold prices in Iran in the coming days, said the VP of Iran's Gold and Jewelry Union, Mohammad Keshti Aray, Trend reports citing ISNA.

“Until Wednesday, the market was stable, but from Thursday, the prices rose sharply,” Keshti Aray said.

“From the beginning of the week until Wednesday, the changes in the global gold price quotes in ounce had very small changes and we even had a price drop of five USD per ounce,” he said.

Contrary to the global rate of gold, the foreign exchange rate in Iran has increased, so the price of Iranian gold coins has increased as well, he said.

Keshti Aray went on to say that the on Wednesday, the rate of each ounce of gold with about $4.4 increase, reached to $1,114 and each gram of gold reached $260.

"But since Thursday, the world price of gold rose sharply to $ 1,832 per ounce,” he said.

"Therefore, the increase in the exchange rate, along with the increase in the global ounce price, created an upward trend for the price of gold in Iran," he said. Accordingly, on Thursday, the price of Iranian gold coins increased to $2,721.

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