Intensification of the recession in the gold market / further reduction of prices is on the way?
Online Economics – Mehdi Jahanshahlorad; Nader Bazarafshan, head of the Tehran Gold and Jewelry Union, told the online economy about the latest situation of the gold and coin market: With the drop in prices in the international markets, the price drop continued in the domestic market, and each gram of 18-karat gold dropped by 17,000 tomans.
He added: Also, the price of a 200,000 Toman coin, 100,000 Toman old design coin, 50,000 Toman half coin, and 50,000 Toman quarter coin decreased, but the price of a 1 gram Central Bank coin was unchanged.
According to the head of the Tehran Jewelry Association, the coin bubble is still 5 million and 200 thousand tomans without any change compared to last week.
By saying that the trend of decreasing demand is still continuing, Bazarafshan said: There is no demand in the market, but the market is not inflamed either, the decrease in the global price of meat and the decrease in the exchange rate and the lack of demand have caused the decrease and the increase in the price decrease.
He clarified: “The conditions of the gold industry are not good. The recession has continued in recent weeks. We have to see in which direction the global market will move in the coming days, but it does not seem that we will have any specific changes and the possibility of downward fluctuations is more likely.”
The head of the Tehran Jewelry and Jewelry Association emphasized that the market is severely depressed; He pointed out: This year in the month of Ramadan, after that the car registration and in the month of Muharram and Safar, the gold market was stagnant. It was expected that the situation would improve in the month of Rabi al-Awwal, which at one point improved for a week and 10 days. The Middle East has increased recession. All industries are in this situation. In the gold sector, production and distribution suffered serious damage and the lack of demand caused acute conditions for the gold industry.