News ID: 232469
Published: 0419 GMT October 08, 2018

Gold coin in Iran will reach its real price in coming days: Official

Gold coin in Iran will reach its real price in coming days: Official

The collapse of price bubble in gold coin is being witnessed in Iran and it is expected that the coin will reach its real price in the coming days.

Announcing this, the head of the Union of Manufacturers and Exporters of Gold, Jewelry, Silver and Precious Stones Abdollah Mohammad Vali told Trend News Agency that these days, the market is witnessing a sharp fluctuation in value.

Concurrent with the decrease in foreign exchange rates and the regain of rial, commencing as of Monday evening, other markets including gold have shown a green light to the decline in prices.

The rial has been undermined by the prospect of US sanctions after Washington pulled out of an international deal on Tehran's nuclear program.

US measures targeting Iran's oil industry are due to take effect in November.

Mohammad Vali said that today, in addition to those who bought coins and gold to maintain the value of their capital, the traders have also become anxious.

"Today, the gold and coins markets are in the hands of broker s and intermediaries," he said. "On the other hand, daily news will lead to a change in prices."

Mohammad Vali said, "Now, the coin and currency market is under control of 200-300 people.

"If the policymaker's predictions are not in the right direction, the market will be hit."

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