Gold Prices in Iranian market seem to be falling, says Iran’s head of Gold and Jewelry Union.
Kashti Ari, told reporters today that the price of gold had dropped a sharp 9 percent this last week to 1657 Dollars per ounce from 1813 Dollars. That is a total of 156 Dollars fall since last week.
He said while the internal market is currently closed, the price of an Iranian gold coin will now go down to 535 thousand Tomans.
He said he expected the price to continue to go down.
Kashti Ari said that with the current situation, the price of a gram of 18 Karat gold will be about 52000 Tomans making it about 48.8 Dollars per gram.
While gold prices have considerably gone up for the past two years, while the economic uncertainty continues and it is expected for gold prices to rise or at least maintain a strong position, the rapid and sharp recent fall on gold prices come as a surprise.