In an interview with a gold and jewelry website, the President of the Tehran Gold and Jewelry Union highlighted the current pricing trends in the gold market. Despite global market closures keeping the international gold ounce price stable, prices for gold and coins in Iran have shown a decreasing trend due to the policies of the central bank.
Bazarafshan noted the uncertainty surrounding future pricing, dependent on the movements of the global gold ounce and currency rates. He emphasized that if the central bank maintains its policies regarding currency supply and the pre-sale and auction of coins, it could significantly contribute to price stability and reductions.
Market participants have reported that the central bank plans to continue a heavy supply of currency in the market, a strategy aimed at alleviating the psychological pressure arising from recent turmoil. This approach aligns with the increased supply and the initiation of coin pre-sales.
Today’s figures illustrate the significant drops in gold and coin prices in Iran: the new design coin fell by 700,000 tomans, the old design coin decreased by 1,300,000 tomans, the half coin dropped by 700,000 tomans, and the quarter coin declined by 1,100,000 tomans. Additionally, bank-issued coins saw a decrease of 200,000 tomans, while a gram of 18-carat gold was trading at 178,000 tomans less than the previous day.
These developments in the gold and currency markets suggest a responsive and adaptable economic environment, with the central bank’s strategies playing a crucial role in navigating financial stability in the face of international market fluctuations.