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Tuesday, 17th November 2009 (5190 views)

The Securities and Exchange Organization of Iran has announced that it is to open a gold market in the country's commodities bourse next year.

Securities and Exchange Organization of Iran president Ali Salehabadi announced that it will offer gold coins currently sold by Kargoshaei Bank, according to the Tehran Times.

The market - which is being created in conjunction with Iran's central bank - is expected to be opened in March 2010 and will help to improve competition and boost the number of entities involved in the sector, he explained.

Last week, the central bank announced plans to mint five million new gold coins to prevent prices from getting too high, according to local news reports.

Iranian consumers purchase gold coins both for investment and wedding gift purposes, Reuters says.

The Kargoshaei, Sepah and Tejarat banks in the country will offer the new gold coins, although it was not revealed when the coins will be released onto the market.

 

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