Coin bubble decreased? – Tejarat News
to report Tejarat NewsIn the last week, we saw an increase of 20 dollars in the price of gold in the world markets, and this factor caused the second week of February to end with an increase in the price of gold and coins.
Also, today we saw the drop of 33 dollars in the global price of gold due to the increase in the value of the dollar.
The domestic coin and gold market started a downward trend in the first week of February, and among the reasons for this decrease was the new approach of the Central Bank in offering 450,000 quarters of coins in the commodity exchange, as well as the announcement of the launch of the currency and gold exchange market in the near future. which led to a decrease of one million tomans in the price of the coin on the first day of the release of the quarter coin in the stock market, and on the second day, another 900 thousand tomans were lost from its value. A few days later, this downward trend stopped due to the fluctuation of the exchange rate and faced a slight increase, but this increase did not last long and the prices decreased again.
But this week, with the changes in the price of gold in the world market, especially in the last days of the week as the main factor, the coin and gold market was on the way to rise again.
In this context, Nader Bazarafshan, head of the Tehran Gold and Jewelry Association, said: The global gold market started an upward trend in the last days of the week, which led to an increase in the price of gold and coins in the domestic market. The exchange rate fluctuated a little in the market, but the main reason for this was the increase in the price of each ounce of global gold by an average of 23 dollars.
He added: This is despite the fact that the demand in the market did not intensify and the market went through its normal routine without inflammation and the fluctuations were related to the slight fluctuation of the exchange rate and mainly the fluctuation of the price of gold in the world market. The prices have reached a good relative stability during the last week.
The impact of the global gold price on the market
Also, Mohammad Keshtiarai, an expert on the coin and gold market, in relation to the analysis of the domestic coin and gold market for the last week, said: In the past week, the world price of gold had the greatest impact on the prices. At the beginning of the week, each ounce of gold was $1,728 until the middle of the week, but after that, due to the changes that occurred in the field of international politics, each ounce of gold in the world market increased by $28 to $1,956, and this increase lasted until Thursday. was also the ruler.
The former vice president of the Tehran Jewelry and Jewelry Association emphasized: Despite the fact that the exchange rate did not experience much changes in the market due to the policies of the Central Bank and the injection of foreign currency and the transfer of foreign currency to applicants through exchanges. Therefore, due to the increase in the world price of gold at the end of the week, the price of coins and gold started to rise again at the end of the week, and as a result, the price of coins and gold increased.
He added: In this week, due to Father’s Day and Rajab holidays, the market is naturally booming and out of stagnation, and supply and demand are in balance, but the increase in prices at the end of this week leads to an increase in demand. It is not true that prices are affected by demand. In fact, the prices were fluctuating based on the two main indicators of the exchange rate and the world price of gold.
Supply of coins in the stock exchange
Keshtiarai pointed out that false demand was not seen in the market and therefore the coin bubble decreased this week. Of course, one of the reasons for the reduction of the coin bubble is the continuation of the central bank’s transfer of a quarter of a coin to the commodity exchange, which has created a balance in the market. The coin bubble has decreased by 150 thousand tomans, in the last transactions of yesterday (Thursday), it is in the range of 3 million 500 thousand tomans.
This coin and gold market expert predicted that the market will not change much in the coming days (at least until Sunday) due to the current conditions of the market and tomorrow’s closure.
Source: ISNA