Gold and Coin Market Analysis: A Shift in Domestic Prices Amidst Global Trends
Tehran – While global gold markets reached new heights, Iran’s domestic gold and coin market experienced a downward adjustment on September 11th, influenced by key economic developments.
Market Movement: A Domestic Downturn
In a notable shift, the domestic market for gold and coins moved on a downward trajectory. This movement coincided with a decrease in the US Dollar exchange rate and came at a time when international gold prices were, conversely, setting a fresh record. The divergence highlights the unique dynamics influencing Iran’s local economy.
Key Factors Influencing the Trend
Analysts point to several contributing factors for this domestic price correction. A primary driver has been an increased supply of foreign currency by the market regulator. Furthermore, the signing of the agreement between Iran and the International Atomic Energy Agency (IAEA) has contributed to a climate of increased economic stability and positive outlook. These factors, combined with the lower Dollar rate, have applied downward pressure on the prices of gold and coins.
Global Gold Holds Steady, Silver Dips
On the international stage, the price of a gold ounce remained stable at $3,640 on Tuesday. Many traders maintain a bullish outlook, with a strong belief that the price of the precious metal will continue its ascent and could potentially surpass the $4,000 mark in the coming months. In contrast, the global silver ounce saw a slight decrease, trading at $41.06. Both metals have demonstrated significant annual growth, with gold having its best performance since 1979.
Domestic Prices at a Glance
The domestic market saw varied activity across different coin types on Tuesday:
- The Emami coin saw an increase of 500,000 Tomans, trading at 93.8 million Tomans.
- The Bahar Azadi coin rose by 300,000 Tomans to 88 million Tomans.
- The half-coin increased by 100,000 Tomans to 49 million Tomans.
- The quarter-coin and the gram coin (Gerami) held their previous values at 28.6 million and 15.6 million Tomans, respectively.
The price of 18-karat gold per gram also saw a modest increase of 10,000 Tomans.
Market Outlook and Predictions
The future direction of gold and coin prices remains closely tied to the exchange rate of the US Dollar, though the influence of the global ounce price is also significant. Market speculation suggests that if speculative demand in the market decreases, prices—particularly for coins—are likely to face further corrections. However, given gold’s enduring appeal as a secure global asset, it is expected to maintain significant investor interest. Short-term forecasts indicate a high probability of a price retreat by the end of the week.
