Iran bank coin sale bursts “gold bubble”Submitted by DeleteInCorrect on Sun, 11/15/2009 - 20:53
TEHRAN (Reuters) - The price of gold coins in Iran fell by more than 4 percent after the Central Bank started supplying newly-minted coins to the market, Iranian newspapers reported on Sunday.
“The gold bubble burst”, read a headline in daily Jam-e Jam, referring to Saturday's decline in the price of a standard Iranian gold coin to 2.69 million rials from a record high of 2.82 million rials reached last week.
The market was closed on Friday, which is a public holiday.
On Thursday, the Central Bank announced plans to inject 5 million newly-minted gold coins into the domestic market in order to control rising coin prices and restore balance in the market...