Trading in the gold market smelled like Eid / the coin bubble became 180 thousand tomans
According to the Iran Economist on Friday, a study of the coin and gold market in the second week of March shows that the price of coins and gold at the beginning of the week was lower than the previous week, and then we saw relative stability in the market.
The coin of the new design started the first day of the week with a decrease of 320 thousand Tomans and the next day with an increase of 20 thousand Tomans reached the price of 11 million and 920 thousand Tomans.
On Monday, the coin entered the channel again at 12 million Tomans, and after that, it was traded on Wednesdays and Thursdays at an average price of 12 million and 34 thousand Tomans and 12 million and 50 thousand Tomans, respectively.
The crude gold market was almost stable last week, so that each gram of 18-carat gold increased by one million and 197 thousand tomans on Saturday and three thousand tomans the next day.
The price of crude gold on Monday and Wednesday first increased and then decreased, so that on Monday it was equal to one million and 245 thousand tomans and on Wednesday it was 33 thousand tomans. On Thursday, it was bought and sold at a price of one million and 203 thousand tomans.
On Saturday, each ounce of gold was five million and 186 thousand tomans, and the next day it reached the price of five million and 202 thousand tomans.
The price of each gold coin on Monday and Wednesday was equal to five million and 218 thousand tomans and five million and 228 thousand tomans, respectively, and on the last day of the week it was traded in the amount of five million and 212 thousand tomans.
“The global ounce price is still affected by the crisis in Ukraine and last week increased by $ 42 last week,” said Mohammad Keshti-Arai, vice president of the Tehran Jewelry Union, today (Friday) in an interview with Iran Economist economic reporter. It reached $ 1,932 yesterday.
Keshti Arai added: “Despite the increase in the global ounce price, the exchange rate has remained relatively stable and the overall price of gold and coins has fluctuated slightly.”
He stated: “These days, the increase in demand for buying different types of coins has caused an increase in the coin bubble, and on Thursday, the coin bubble increased by 180,000 Tomans to 30,000 Tomans.”
The vice president of the Tehran Jewelry Union said that the trading situation was good last week: “It can be said that it smells like Eid and therefore the demand for coins has increased and this is due to the growth of demand in the last days of the year.”
He continued: “He predicted the situation of the gold market due to the Ukraine-Russia war and the Vienna talks, but because the exchange rate has been managed in recent months, the price of the yellow metal inside the country is stable.”
“Investing in the gold market, like other sectors, is done with caution, and most of the yen earned by investors last year was 20 percent bank interest, and gold, coins and foreign exchange did not have this return, and trading in the gold market,” he said. It has a consumption aspect.