Monday, September 16, 2019 03:25

Gold, currency market affected by elections

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Price of gold and the dollar drops as the election results point toward the possible victory of the moderate candidate Hassan Rohani.

ILNA reports that head of Tehran gold and jewellery syndicate announced a drop in the price of gold in the country.

Ahmad Vafadar indicated that until the end of the elections these fluctuations in the price of gold and the dollar will continue.

The exchange rate for the dollar reportedly fell from 36,200 rials to 34,700 rials.

Iran's national currency has seen a drastic fall in the past two years with the intensification of US and EU sanctions on Iran.

The victory of the only reformist candidate in the elections could signify more tempered policies toward bringing balance in the country’s beleaguered economic and political scene.