Iran’s central bank has introduced measures designed to bring down soaring
gold prices, including easing procedures for the import of gold and silver bullion,
local media reports indicate.The reports quote several officials as saying that Iranians were turning to gold amid continued uncertainty over Iraq and the volatility of foreign currency markets.
The fluctuation in domestic gold markets was due to a possible US attack on Iraq, which may jeopardize the free flow oil from the region, Commerce Minister Mohammad Shariatmadari suggested.
Iranian gold coins, a favorite for marriage portions, have risen in price from 650,000 to 800,000 rials (81.25 to 100 dollars) in the past two months.
Iranian gold lacks international standardization since much of it is impure.
Gold prices on the London Bullion Market fell last week, extending losses to about 10 percent in just over two weeks, on a slight easing of war fears, a dollar rebound and selling by investment funds, analysts say.
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