Another Gold rush is around the corner in Iran
The new government by Rouhani desperately wants to avoid another gold rush as it will create an impact that country's economy is at a risk of soaring inflation and a wobbly currency.
Another gold rush in around the corner in Iran as fresh sanctions including a ban on gold trading could create a perfect setting for the likes of one that happened last year.
Analysts said fresh sanctions could halt country's oil for gold trade with countries like Turkey and many Iranians feared that gold supply in the country could be hit if the central bank cut off their supply as in earlier days when people were asked to pay for gold in advance.
The new government by Rouhani desperately wants to avoid another gold rush as it will create an impact that country's economy is at a risk of soaring inflation and a wobbly currency.
Though, authorities repeatedly denied that sanctions are hurting the country, saying the economy is strong. But many Iranians worry that keeping their wealth in rials is a risk and opt for gold.
Some analysts are hopeful as they pointed out that President elect Rouhani has promised more transparency in talks with world powers on Iran's controversial nuclear programme that could help ease the sanctions.
They said situations have changed dramatically after his victory as the dollar dropped sharply and many Iranians are selling it because they fear that the perspective of a dialogue with the United States could strengthen the rial and gold.
They added that Iran's currency the rial has strengthened by more than 15 percent against the dollar since the victory while gold prices gained marginally in country's free market.
Gold and rial, two of the most important factors apart from oil, is making a slow but steady comeback in Iran, they added. On Thursday, an ounce of gold was priced at 15,331,630.07 rial in Tehran.
Sumber : Google
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