Iran Gold Demand at 3-Year High in Q1

May 5, 2018

Tehran (May 5)  Iran's gold demand more than tripled in the first quarter of 2018 while Saudi Arabia's dropped 15%, data released by the World Gold Council show.

Iranians placed a lot more bets on gold in the first quarter after the local currency weakened to a record low and fears grew that the US would pull out of the nuclear deal, signaling a return to sanctions.

Gold coin and bar demand in the Persian Gulf nation soared to 9.3 tons in the first quarter, a three-year high, on “investor concerns over worsening Iranian-US relations and the prospect of currency controls”, WGC said Thursday in a report.

US President Donald Trump will decide by May 12 whether to keep America in the international agreement that restricts Iran’s nuclear activities in exchange for relief from sanctions.

The rial hit record lows against the US dollar over the past few months. In April, the government took measures to unify the rial’s rates against the dollar.


Silver Phoenix Twitter                 Silver Phoenix on Facebook