02 October 2010
Following instability in the price of gold and foreign currency in Tehran's markets, Central Bank of Iran (CBI) announced plans to normalize prices next week.
"By next week, the Central Bank of Iran will definitely return the price of gold and foreign currency to its normal market rate," CBI governor, Mahmoud Bahmani, said on Thursday.
He said the CBI plans to reduce the price of the dollar to 10,600 rials.
"The price of the dollar in the market will reach 10,600 rials or less and the foreign currency market will soon be balanced," Mehr News Agency quoted Bahmani as saying.
Referring to rise in gold prices in Iran's markets, Bahmani said the CBI would inject gold into the market until "the prices are reduced and balanced."
Gold pushed past $1,315 an ounce Thursday, again setting a record-high price in the process, Marketwatch wrote.
Gold for December delivery GCZ10 advanced $3.50, or 0.3 percent, to $1,313.80 an ounce on the Comex division of the New York Mercantile Exchange. It earlier hit an intraday high of $1,317.50 an ounce.
A weaker dollar and data that confirmed growth in the US economy slowed in the second quarter helped propel gold.
Momentum buying also continued to be strong, as gold on Wednesday reached its eleventh record-high settlement for September --and its sixth in a row.
The unprecedented winning streak also includes rallying to record-high settlements for nine of the ten previous sessions.
The higher prices commanded by gold have pushed large mining companies to buy themselves out of contracts that established lower gold prices, but smaller miners are doing just the opposite, a London-based consultancy said Tuesday.
Following instability in the price of gold and foreign currency in Tehran's markets, Central Bank of Iran (CBI) announced plans to normalize prices next week.
"By next week, the Central Bank of Iran will definitely return the price of gold and foreign currency to its normal market rate," CBI governor, Mahmoud Bahmani, said on Thursday.
He said the CBI plans to reduce the price of the dollar to 10,600 rials.
"The price of the dollar in the market will reach 10,600 rials or less and the foreign currency market will soon be balanced," Mehr News Agency quoted Bahmani as saying.
Referring to rise in gold prices in Iran's markets, Bahmani said the CBI would inject gold into the market until "the prices are reduced and balanced."
Gold pushed past $1,315 an ounce Thursday, again setting a record-high price in the process, Marketwatch wrote.
Gold for December delivery GCZ10 advanced $3.50, or 0.3 percent, to $1,313.80 an ounce on the Comex division of the New York Mercantile Exchange. It earlier hit an intraday high of $1,317.50 an ounce.
A weaker dollar and data that confirmed growth in the US economy slowed in the second quarter helped propel gold.
Momentum buying also continued to be strong, as gold on Wednesday reached its eleventh record-high settlement for September --and its sixth in a row.
The unprecedented winning streak also includes rallying to record-high settlements for nine of the ten previous sessions.
The higher prices commanded by gold have pushed large mining companies to buy themselves out of contracts that established lower gold prices, but smaller miners are doing just the opposite, a London-based consultancy said Tuesday.
© Iran Daily 2010
