Economics
Iran's Gold Demand at Four-Year High Days Before Sanctions
- U.S. to impose sanctions on precious metals trade on Aug. 6
- Bar and coin 2nd-quarter purchases tripled: World Gold Council
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Iran’s demand for gold bars and coins may remain strong for the rest of the year and even increase as the U.S. reimposes sanctions, pummeling the value of the rial.
The Islamic Republic’s bar and coin sales tripled to 15.2 tons in the second quarter, the highest in four years, the World Gold Council said Thursday. The country accounted for about three-quarters of Middle Eastern demand for bars and coins in the quarter, up from less than half of the region’s usage in 2017 and just 15 percent in 2016, according to the data. Iran’s currency, the rial, slumped over the three months, prompting the rush.