Gold price rises in Iran amidst Coronavirus outbreak
Price of gold in Iran has increased due to Coronavirus outbreak, member of Iran's Gold, Jewelry, Silver and Precious Stones Producers and Exporters Association Abdollah Mohamad Vali told Trend.
"Many countries have moved toward purchase of gold after the new year and purchases in past two months have increased," he said.
"Another reason for rise of gold price is the exploration of the mines, which has improved," he said.
"Gold is strong liquidity in the world and storing it creates security for people and governments," he said.
"During the past years our country was dependent on oil sales and ignored production and exploring gold mines but the issue should be noticed after the increase of sanctions and devaluation of natural currency and need to create jobs and raise export," he said.
"The increase of gold prices after the Coronavirus spread in Iran triggered psychological pressure. Currently, the prices have grown and purchasing power has decreased since people prefer to stay indoors due to the outbreak," Vali said.
Iran is one of the recent countries, affected by the rapidly-spreading coronavirus. According to recent reports from the Iranian officials, over 338 people have been infected, 34 people have already died.
END