Gold demand in Iran reaches highest level in past four years

A Bloomberg report indicates that relative improvement in Iran’s economy has led to increased gold demand in the country.

Claudia Carpenter wrote in Bloomberg on Thursday, Ordibehesht 14, that the “World Gold Council” in a report released on Saturday states that relative improvement in economic conditions in Iran has caused demand for jewelry in Iran in the first three months of the current calendar year to show a 27 percent increase compared to the same period last year.

This growth in Iran’s jewelry demand this season has brought it to 12,900 kilograms.

Iran’s demand for gold bars and gold coins was 3 tons and 700 kilograms, which is the highest amount among countries in the region.

In the “World Gold Council” report it is written that “declining oil prices and sluggish tourism market demand has caused a decrease in gold demand throughout the region”.

Last year, Saudi Arabia had the highest gold demand in the Middle East.

Source: Voice of America