The US dollar was traded above the psychological level of 130,000 rials on Saturday and was worth 132,000 rials in Tehran’s open market -- the highest in the past five months.
The greenback gained about 2% against the rial and the euro was sold for 143,000 rials, up 2,000 rials (or 1.5%) compared with Thursday’s closes, according to Tehran Gold and Jewelry Union's website.
Rates at the Central Bank of Iran-affiliated moneychangers were slightly lower. The USD was worth 129,000 rials in bank-based exchange bureaus.
The gold market was also bullish. Each Emami gold coin was sold for 46.1 million rials on Saturday, rising from 45.6 million rials compared with the previous day’s close. The benchmark Bahar Azadi fell slightly to 42.6 million rials, down 0.4%.
Bullion prices are at their highest in seven years, closing in on $1,600 an ounce. Gold held by exchange-traded funds is at all-time records and rising, thanks to worries over the economic damage inflicted by the coronavirus outbreak. Reserves, meanwhile, are depleting. It’s a heady mixture for miners, but perhaps not yet an intoxicating one.
Colorado-based gold miner Newmont (NYSE: NEM, TSX: NGT) has reported gold mineral reserves of 100.2 million attributable ounces for 2019, the largest ever in company history. This represents a 53% increase over the 65.4 million ounces recorded in 2018 following the completion of two major transactions and through ongoing exploration success.
The 12th International Exhibition of Gold, Silver, Jewelry, Watch and Related Industries is hosting more than 130 domestic and foreign companies at Tehran Permanent International Fairground from February 12 to 15, IRNA reported.
Barrick Gold (NYSE: GOLD) is not looking to merge with copper miner Freeport-McMoran, CEO Mark Bristow said on Thursday, although he is interested in the company’s Grasberg mine in Indonesia, and indicated he wants to expand in the Pacific Rim.
AngloGold Ashanti Ltd., a company that emerged from the South African mining empire created by Ernest Oppenheimer, is pivoting toward the Americas to develop more profitable assets.
And although the broad commodity market finished up 17.6% on the year, the performances of individual commodities were all over the map. For those familiar with the sector, that’s pretty much par for the course.