TEHRAN- Jamal Razaghi, the head of Shiraz Chamber of Commerce, Industries, Mines, and Agriculture, has investigated the status of forex, gold coin, and stock exchange market in Iran during the past Iranian calendar week (ended on Friday). What follows is a glimpse of his investigation.
Gold coin and forex markets started last week with a downward trend, despite the fact that several other petrochemical companies were included in the sanctions list.
What the foreign currency exchange market players had predicted from the U.S. election process was the fall in the price of the dollar and the prolongation of sales queues, so that the price of the dollar reached nearly 270,000 rials on Saturday.
The price of gold coin, following the dollar on Saturday, decreased by 6,000 rials to less than 130 million rials (about $3,95).
The atmosphere in the domestic financial markets is emotional due to the increase in uncertainties, and with the prediction of Biden’s election and his return to Iran’s nuclear deal, expectations of a price reduction have been formed among traders.
As the possibility of Trump’s victory intensified in the middle of last week, the price pattern of the dollar changed, and the dollar reached 290,000 rials with a price increase of 15,000 rials.
The gold coin also experienced significant growth of 13,000 rials.
But over the weekend, prices plummeted due to rapidly changing U.S. election results.
Those ups and downs made trading more cautious. Accordingly, the dollar reached 300,000 rials, and the gold coin reached 152 million rials (about $3,619), but in the end, with the increase of Biden’s chance of victory, both of them started a downward trend.
The stock market index did not fluctuate sharply with the caution of the investors, but with the strengthening of the probability of Trump’s victory on Wednesday, the growth of 26,000 units occurred in this market.
Some believe that Biden’s victory could bring a logical return to the market, and after the end of the current correction period, the excitement will decline and the demand for stocks will be based on their value.
On the last day of the previous week, the stock exchange index stood at 1.290 million units.
Original News : https://www.tehrantimes.com/news/454423/Forex-gold-coin-stock-exchange-markets-in-past-week