Gold and Coin Markets See Widespread Decline, Eyes on Global Economic Cues
A wave of selling pressure swept through Iran’s domestic gold and coin markets today, leading to a broad-based price correction. The downturn was primarily driven by a retreat in the global benchmark for gold, reacting to a stronger US dollar and shifting inflationary expectations in the American economy.
Global Headwinds Drive Domestic Slump
The core of today’s market movement lies in international trends. The global ounce of gold, a key reference point, is currently priced at $4,039. This marks a significant drop of $74.04 (1.8%) from yesterday’s average of $4,113.04. This international decline has had a direct and pronounced impact on local prices.
Domestic Gold Prices in Detail
In the Tehran market, the benchmark gold price was recorded at 45,850,000 Tomans, reflecting a decrease of 454,683 Tomans (0.98%) compared to the previous day.
- 18-karat gold fell to 10,584,600 Tomans, down 104,916 Tomans (0.98%).
- 24-karat gold dropped to 14,111,000 Tomans, a decrease of 139,633 Tomans (0.98%).
This uniform, near one-percent decline across all gold categories indicates a synchronized market reaction to the external pressures.
Coin Market Follows Suit
The coin market mirrored the downward trend, with all major variants experiencing losses.
- The Old Design Emami Coin traded at 105,300,000 Tomans, down 1,079,193 Tomans (1.01%).
- The New Design Emami Coin decreased to 111,700,000 Tomans, a fall of 1,000,390 Tomans (0.89%).
- Smaller denominations, including the Half-Coin and Quarter-Coin, also registered declines of 0.3% and 0.79%, respectively.
This collective movement points to a day dominated by sellers and a cautious withdrawal of capital from the precious metals sector.
Market Outlook: A Cautious Stance
Looking ahead, market analysts suggest that the trajectory for tomorrow remains closely tied to both global and domestic macroeconomic factors. The prevailing expectation is for a market characterized by continued volatility and a cautious stance.
If the current global pressures—namely persistent inflationary signals and a robust US dollar—continue, the downward trend or a stabilizing bias in global gold prices could persist, casting a shadow over domestic valuations. However, within the local market, the recent price drops may soon attract new buyers looking for entry points, potentially creating a floor that halts a further steep decline. The overall market sentiment is projected to remain watchful, with participants awaiting new economic data and developments.