Gold Coin Market Sees Minor Correction as Global Factors Weigh
Iran’s domestic gold coin market experienced a slight downward adjustment this Saturday, with the key Imam Reza gold coin opening at a lower rate. The market’s movement reflects a complex interplay of both domestic and international economic variables.
Key Price Movements
The benchmark Imam Reza gold coin commenced trading at 93.5 million tomans, initially witnessing a gain of 100,000 tomans before succumbing to selling pressure. It subsequently retreated to a level of 92.3 million tomans by the session’s end.
Technical analysts identified the 92 million toman mark as a crucial support level for the market. A sustained break below this threshold could potentially lead to a further decline toward 91.5 million tomans. Conversely, a recovery and consolidation above 93.5 million tomans could pave the way for an advance toward a resistance level of 94.2 million tomans.
International Pressures Influence Market
Market traders cited a recent negative correlation between domestic coins, global gold ounce prices, and local bullion as a primary driver of the downward pressure. From one perspective, the global gold price entered a corrective phase after nearing resistance levels above $1,980. Simultaneously, local bullion faced weak support around the 37.25 million toman range. These combined conditions have placed the Imam Reza coin under pressure, indicating that a stabilization of its upward trend is contingent on a simultaneous recovery in both domestic and global variables.
Other Coin Denominations Follow Suit
The downward trend was not isolated to the main benchmark:
- The half-coin opened with negative fluctuation at 50.2 million tomans and later declined to 49.6 million tomans.
- The quarter-coin also started with a negative gap at 29.2 million tomans and retreated to 28.7 million tomans.
- The one-gram coin was the exception, holding steady at 15.5 million tomans, unchanged from the previous day.
The simultaneous decrease in both the dollar exchange rate and the global gold ounce price contributed to pushing the domestic gold and coin market backward on the last trading day of the week. The decline across most coin segments underscores the market’s current heightened sensitivity to external economic factors. Alongside these developments, the upcoming bullion auction at the exchange center is anticipated to influence supply and demand dynamics in the coming days.
