Gold & Coin Market Watch: A Cautious Start to the Trading Week
Market Overview: A Shift to Lower Prices
The domestic gold and coin market began the third week of Aban with a noticeable downward trend. The price of 18-karat gold entered the range of 10.4 million tomans, with heavier gold items experiencing declines of up to half a million tomans. Concurrently, the US Dollar exchange rate showed little significant movement on Saturday, remaining steady within the 107,000 toman channel.
Analyzing the Forces at Play
This market movement appears to be driven by a combination of factors. While the “premium” on some coin types increased, suggesting a rise in domestic demand, the overall trading atmosphere was guided toward caution and anticipation. This is largely attributed to the relatively stagnant global gold ounce and the subdued pressure from the Dollar. At the time of reporting, the global gold ounce was trading at $1,999, registering a minor increase of nearly two dollars.
Expert Forecast and Economic Stability
Economic experts suggest that in the absence of new domestic or international news, the gold market is likely to remain within its current price range without major fluctuations. Market analysts predict that 18-karat gold will stabilize between 10.35 and 10.5 million tomans. For the Emami coin, a price channel of 111 to 112 million tomans is anticipated as a short-term consolidation range. Analysts note that any future increase would be contingent upon a rise in the Dollar’s value or a significant jump in the global gold ounce, which could potentially push the Emami coin to around 112.5 million tomans and 18-karat gold toward the 10.6 million toman mark.
Precious Metals Snapshot
- Silver: The global silver ounce was trading at $48.34, with a 12-cent increase. However, domestically, each gram of 999 silver decreased by 560 tomans, settling at 193,590 tomans.
- Coin Performances: The Bahar Azadi coin saw the most significant loss in value, dropping by 610,000 tomans to 103.86 million tomans. The Emami coin decreased by 535,000 tomans to 110.885 million tomans. Half-coin and quarter-coin pieces also saw declines.
- Gold Prices: The price of 18-karat gold per Mithqal fell by 211,000 tomans, and per gram, it decreased by 45,200 tomans. The price for second-hand gold was also reported lower.