Gold Coin Price Drops Over Presale News

Tehran-Iran (Jan 28)  The Central Bank of Iran’s announcement on Friday that people will be able to purchase gold coins in a no-cap countrywide presale from Feb. 4 seems to have had a serious impact on the market, as prices plunged on Saturday. According to Tehran Gold and Jewelry Union’s website, the benchmark Bahar Azadi gold coin fetched 14.71 million rials ($325)  to register a significant 3% decline compared to Thursday’s  close while Half Azadi gold coin also registered a decline of more than 1% to be quoted at 7.3 million rials ($162).

TGJU’s director, Ayat Mohammad Vali, is also of the belief that the presale will have a stronger impact than the dozens of gold coin auctions held by CBI so far, but said, “they must continue persistently until the price bubble is completely gone”. CBI has been attempting to curb the gold coin rally for weeks, which had proved to be a tough task.

FinancialTribune