Monday, January 14th 01:44 PM IST

People fights for Gold in Iran

# Iran gold prices  # Bahar-e Azadi coins  # Central Bank of Iran  

People are virtually fighting for gold after the central bank opened several special counters across the nation to sell Bahar-e Azadi coins to citizens.

TEHRAN(BullionStreet): Gold prices in sanctions hit Iran reached historic heights as each Azadi gold coin was sold at the price of 13.05 million rials at the free market here Sunday.

Analysts said Iranians still opt for gold as they have traditionally saved in the precious metal, especially in coin forms as it is easy to hide and easy to trade during trouble.

They added that many people in Tehran started to invest in gold coins as the value climbed almost 100 percent in two years.

This has created a panic in Iran as people began buying gold from every available centers including black markets.

The Iranian central bank however tried to stem the situation and said there was enough gold for everyone. These proclamations seemed only to fan the flames.

People are virtually fighting for gold after the central bank opened several special counters across the nation to sell Bahar-e Azadi coins to citizens.

According to reports, there were stories of people getting stabbed in the quarrel to buy gold as the central bank sell each gold piece at 60,000 tomans below market price.

However, even that move failed to restrain the market, and prices kept rising, analysts said. Iranian central bank even offered gold pre-purchase certificates for sale, hoping it would quell the public hunger.

But again it didn't help to cut down the prices and demand. Analysts said the scheme is yet to attract people as they are not very familiar with papers and bonds and people in Iran do not trust government promissory scrip.

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