On Thursday, September 26, 1405, the gold, coin, and currency market experienced significant fluctuations. The price of 18-carat gold and Imam and Bahar Azadi coins decreased, while the prices of half and quarter coins continued to rise. The dollar also fell by 2,000 tomans compared to the previous day, reaching 228,000 tomans.
The Impact of the U.S. Interest Rate Hike on Global Gold Prices
The increase in U.S. interest rates on Wednesday evening had a significant impact on global gold prices, causing a decline of more than one percent in the price of this precious metal. However, gold partially recovered from this drop in today's trading. The price of 18-carat gold per gram reached 23 million and 500 thousand tomans, and the price of the new design coin reached 233 million and 200 thousand tomans.
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The State of the Currency Market and the Launch of the First Currency Investment Fund
In the currency market, the price of the Iraqi dinar also decreased, with one thousand Iraqi dinars trading for 148,000 tomans in the Tehran currency market. The sale of dollar remittances surged by 495 tomans to reach 165,383 tomans, stabilizing buyers at higher levels. The Director General of the Currency Financing Department of the Central Bank announced that it is estimated that more than 50 billion dollars in currency is held by the people, companies, and Iranians residing abroad.
Additionally, the first currency investment fund in the country began operations with the approval of the Securities and Exchange Organization. Subscriptions for this fund are conducted at Bank Mellat branches, and the Ministry of Economy has announced 20 major foreign exchange-generating projects to direct the resources of these funds. This initiative could help attract foreign currency investments in the country.
Economic Experts' Analysis on Currency Rates
Two economic experts had differing opinions in a roundtable discussion about the surge in currency rates. One emphasized the immediate reform of the currency system and smart intervention, while the other attributed the root of the crisis to the centralized structure of Iran's economy. These analyses could influence the future trend of currency rates and the improvement of the country's economic situation.
Ultimately, the dollar remittance in the exchange center rose by 493 tomans to reach 164,888 tomans, getting closer to the 165,000 tomans threshold. Given the recent fluctuations, the gold and currency market remains in a challenging state.
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