Rewritten Title: Domestic Gold and Coin Prices Climb as Currency Dynamics Shift
Article:
Market Pulse: Precious Metals Rally Amidst Currency Pressures
In a notable market movement, domestic gold and coin prices experienced a significant upswing on Tuesday, marking the second consecutive day of gains across all major segments. This rally in the precious metals market is primarily attributed to the strengthening of the US dollar within the country’s internal forex market.
Global vs. Domestic: A Diverging Picture
While local markets saw a surge, the global price of gold told a different story. The international ounce witnessed a decrease, settling at $4,125 after a $19 drop. This comes after a period of record-breaking highs followed by a sharp correction over the preceding three weeks. Analysts note that global gold is now on a path of gradual recovery, buoyed by sustained international demand, with central banks—particularly China’s—continuing their substantial acquisitions.
The global silver market also saw positive momentum, with prices edging higher.
A Detailed Look at the Domestic Surge
The price increases within the domestic market were substantial. The ‘Emami’ coin rose by 3.3 million tomans, reaching 114.8 million tomans, while the ‘Bahar Azadi’ coin saw an increase of 4.8 million tomans, trading at 109.4 million tomans. Smaller denomination coins followed this upward trend.
Here is a summary of the latest coin prices (all figures in Tomans):
- Emami Coin: 114,800,000
- Bahar Azadi Coin: 109,400,000
- Half-Coin: 59,400,000
- Quarter-Coin: 34,300,000
- Grami Coin: 16,800,000
Similarly, 18-karat gold per gram increased by 229,000 tomans to 11,067,000 tomans.
Expert Analysis: The Driving Forces
Market experts point to the rising value of the US dollar as the primary engine behind the increase in gold and coin prices. The free-market dollar rate recently breached the 109,000 toman channel. According to traders, this ascent has been fueled by shifting market expectations following recent political developments. Additionally, heightened demand for the US dollar ahead of the end of the Gregorian month has contributed to this temporary upward pressure on exchange rates.