The coin bubble is declining these days

The coin bubble is declining these days


to report Jam Jam onlineIn a conversation with ISNA, Mohammad Keshtiarai said about the state of the domestic coin and gold market in the last week: last week, as usual at this time of the year in the last days of the year, we have many fluctuations in the field of gold, coins and currency. Fluctuations are normal and usual every year, what happened this year is the coincidence of the end of the year and the approaching of the holy month of Ramadan and the political developments that we are facing. These factors have caused us to witness daily fluctuations (increase/decrease) during the current weeks.

The former vice president of Tehran Gold and Jewelry Union pointed out: The market had the same routine in the past week, and on some days we saw the increase or decrease in the global price of gold, and the domestic market also experienced a decrease or increase in the exchange rate. These fluctuations have become daily and unpredictable.

This coin and gold market expert continued: In the last week, the global price of gold increased by 16 dollars to 2029 dollars, but unlike the global gold price, the currency price fluctuated a little and was relatively stable, which caused a kind of almost overlap and create relative stability.

While referring to the Central Bank’s action in recent days regarding the auction of gold bullion at the Gold and Currency Exchange Center, he said: This action of the Central Bank and also the handing over of coins, which is scheduled to take place on the 13th of March at the Coin and Gold Exchange Center, caused It is that the market should somehow avoid false excitement and while the coin bubble was accompanied by a strong increase during the past months, it will decrease in the last days of the year (unlike the routine of the past years when the coin bubble was getting bigger).

Regarding the latest price of coins and gold in the market and its changes compared to the beginning of the week, Keshtiarai said: due to the increase in the global price of an ounce of gold and the increasing fluctuations (although less than in previous weeks) of the exchange rate inside, each piece of coin has a new design. With an increase of 250 thousand tomans compared to the beginning of the week, in the last transactions of yesterday (Thursday) it was worth 33 million 250 thousand tomans, and each piece of the old design coin reached 31 million 300 thousand tomans with a weekly increase of 400 thousand tomans. Half coins increased by 150 thousand tomans to 18 million 600 thousand tomans and quarter coins increased by 200 thousand tomans compared to the beginning of the week to 11 million 600 thousand tomans at the end of the week. Central Bank’s one-gram coins were traded at 6 million tomans in the last transactions of yesterday, which has increased by 100 thousand tomans compared to the beginning of the week.

The former vice president of the Tehran Jewelry and Jewelry Association stated: These fluctuations in the days of the past week have sometimes increased and sometimes decreased, but the main reason for the weekly increase was due to the increase of 16 dollars in the world price of gold. While there is demand in the market, the coin bubble has decreased by 200 thousand tomans to 5.4 million tomans. Therefore, although we had an increase in the price of all kinds of coin parts, the coin bubble has become smaller and the price of the coin has become closer to its real price.

Handing over the gold bullion brought the gold bubble to zero

He added: This week, the price of each shekel of melted gold (17 carats), whose bubble has been reduced to zero due to the transfer of gold bars in the past days, has increased by 190 thousand tomans (due to the increase in the global price of an ounce of gold) to 12 million and It reached 320 thousand tomans. Each gram of 18 carat gold has increased by 44 thousand tomans on average, two million and 844 thousand tomans per gram has been the basis of gold transactions at the end of the week.

This coin and gold market expert stated: As mentioned, while the market conditions are such that we are in the last month of the year and before Ramadan and according to the social conditions of the country, but despite the demand, the market conditions are normal and the prices They are relatively stable and the increase in demand has not caused a false increase in prices; So, in a way, it can be said that the prices are real.

At the end, Keshtiarai predicted: It is predicted that for the coming days, we will have the same level of prices at least during the next week, with a slight slight fluctuation, which is normal, and by the end of the year, the fluctuations will reach their minimum.

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This news article has been translated from the original language to English by WorldsNewsNow.com.

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