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Metalsnews: The gold coin rally in Tehran's market, which started two days ago and registered a 90-day record high, reversed course as prices dropped on Monday to burst the yellow metal's bubble.

Emami gold coin dropped by 70,000 rials ($1.8) on Monday and fetched 12,130,000 rials ($323.4).

The benchmark coin's price had hovered around 12 million rials ($320) before the surge began on Saturday but witnessed a surge of 200,000 rials ($5.3) in two days to reach 12,200,000($325.3), registering the highest price for the benchmark coin in three months. 

Bahar Azadi gold coin also experienced a decline of 40,000 rials and the coin changed hands for 11,750,000 rials ($313.3).

Azadi god coin's value had jumped by 70,000 rials ($1.8) during the rally that was attributed to the proximity of Eid al-Fitr, which will mark the end of the month of Ramadan next week.  

In the foreign exchange market, the rial was quoted at 37,480 to the US dollar, marking the first gain for the Iranian currency against the greenback in four days. 

 

Source: Financial Tribune

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