iranians changing money for gold ahead of us sanctions - gold jewellery set
The White House is about to resume sanctions against the Islamic Republic, which were lifted after Tehran reached a historic nuclear deal with world powers in 2015.
On May 8, President Donald Trump unilaterally announced that the United States would withdraw from the agreement.
A new round of US sanctions will come into effect on Tuesday and are expected to impose the toughest penalties in early November.
The United States will ban trade in the automotive industry and metals, while imposing further sanctions on the oil and shipping industry.
The upcoming ban has doubled. on-
According to the latest report of the World Gold Council, the annual demand for precious metals, including bars and coins, is about 15 metric tons.
To meet growing demand, the central bank of Iran has had to make thousands of coins, with a total of more than 60 tons of gold reported.
A price of 8. 13-
Grams of gold coins are reported to have reached 36 million rials ($820)
On Sunday, its price was more than double that of January.
Gold hit a record of 45 million rials last week ($1,025)per coin.
"People are changing their money to gold because it's a reliable investment commodity," Mohammad kashtiere, head of the gold and jewelry board of the Iranian Chamber of Commerce, told the Wall Street Journal.
Iran's currency, the riyal, faces a record slump in 2018.
According to the XE currency converter, the riyal currently hovers around $44,000 to $36,099 per dollar in January.
China's gross domestic product is expected to continue to shrink next year, and inflation and unemployment will double. digit increase.