Iran is among the world’s top seven producers of gold and jewelry, but it has to work its way through the ranks to win a position as an exporter, the head of Tehran International Exhibition Center said.
Production of Mouteh Gold Mine in Isfahan Province amounted to 254 kilograms in the nine months ending December 21, 2019, reported Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
Gold’s end-of-year stealth rally is gaining ground even as investors target risk assets including equities and early data suggest that macro-economic conditions are set to be more benign in 2020 than this year.
The Russian Central Bank’s gold bullion stockpile continued its record growth this year, climbing to well over 2,600 tons, as the country continues its push to steer its international reserves away from the dollar.
Iran, Malaysia, Turkey and Qatar are considering trading among themselves in gold and via barter trade as a hedge against any future economic sanctions on them, Malaysian Prime Minister Mahathir Mohamad said on Saturday.
Gold prices edged down to a one-week low on Monday after the United States and China expressed willingness to sign an initial trade deal by the year-end, lifting demand for riskier assets and boosting the dollar.
India's gold imports fell for a fourth straight month in October from a year ago as near record-high prices dampened buying during key festivals in the world's second-biggest consumer of the metal, a government source said on Monday.