Positive action of the central bank in reducing the price of quarter coins
Mohammad Keshti Arai in an interview with a reporter Iran is an economist He said about the state of the gold market in the past weeks: Last week after the markets started working in the country and the political and economic developments that we witnessed in the new year. The financial markets in the world were undergoing certain developments and changes, such as the closure and bankruptcy of some banks in the United States, on the one hand, with the reduction of interest rates by the American Federal Reserve; The global price of gold was expected to increase.
He added: Accordingly, last Wednesday, the global price of gold reached its highest historical figure of 2,260 dollars, which is an unprecedented record for an ounce. Each face had a price increase of 50 dollars compared to the beginning of the week.
This gold market activist said: With the increase of 50 dollars in the global price of gold, it was expected that the price of gold in the domestic market would also increase, but it did not happen.
He said: During the holidays, when the authorized units for buying and selling foreign currency were closed, we saw pricing and an increase in the exchange rate, and this caused the price of gold and foreign exchange to increase, but with the official start of the markets, the exchange rate went down. The price of gold and currency decreased in the past week compared to the previous week.
Keshti Arai stated: In the last trades of the previous day, the price of the old and new design coins decreased by 1,500,000 tomans each, the half coin by 350,000 tomans, and the quarter coin by 650,000 tomans, and the one-gram coins were exchanged without change in price.
He continued: Considering the occasions we had during Nowruz and the demand in the market for gifting this type of coin, the quarter coin bubble was increasing, but again with the supply of five quarter coins by the central bank in the gold and currency exchange center. For each national card, it caused the price of quarter coin and its bubble to decrease further, and it can be said that the central bank has adjusted the prices.
This trade union activist said: The price of one shekel of melted gold, which is the basis of transactions in the domestic gold market, decreased by 320 thousand tomans and 78 thousand tomans per gram of 18 carat gold.
He added: The coin bubble was accompanied by a decrease of one million tomans last week, and it is expected that this trend will continue in the coming days.
Keshti Arai stated: In general, the gold market last week was a balanced market due to the increase of 51 dollars in the global gold ounce, and if the global gold ounce had not increased by 51 dollars, we would have seen a further decrease in prices and a coin bubble in the domestic market.
He said: It is predicted that with the reduction of the exchange rate and due to the political opportunities we have with the countries of the region, as a result of this process, the value of the rial will increase and the exchange rate will decrease, and as a result, the price of gold will fall.
Keshti Arai continued: It is expected that the gold market will be calm in the next week and we will witness the prosperity and stability of this market.