TEHRAN, Iran, June 20. Iran has faced a sharp rise in the price of gold due to an increase in foreign currency exchange rates last week, the Head of the Gold and Jewellery Union Mohammad Kashti-Aray told Trend.
He went on to say that the gold coin bubble in Iran has grown by 14 million rials (about $333) while half of the gold coin has the same increase in price.
"Bubbles are created due to lack of balance between demand and supply that is currently happening in Iran's gold market," he said.
Kashti-Aray pointed out that predicting the price of gold for the coming days is impossible.
"The price of gold was up last week while the global gold price declined," he said. "So, the growing domestic prices were caused by the increase in the US dollar rate."
