‘This was a very good thing’: Iran to export gold in US market
The Iranian Central Bank on Tuesday announced that it will begin exporting gold in the United States, a move that is likely to be welcomed by the global gold market.
Goldman Sachs analysts said the gold move could be one of the first signs of a change in Iran’s gold market, after the country stopped buying US dollars in 2015.
Gold prices have been rising for months, with the benchmark metal fetching a record $1,320 per ounce on Tuesday.
Gold is a commodity that many other nations, including the United Kingdom, are using to bolster their currencies.
Gold was seen as one of Iran’s biggest export prospects in the months after President Hassan Rouhani took office in 2013.
It has been a popular investment and one of Iranian officials’ main selling points in recent years.
Iran’s central bank has said that it plans to export up to 30 million ounces of gold annually by the end of 2018.
In recent years, Iran has also been a key player in global efforts to stabilize the global financial system and stem the global refugee crisis.
It also has close ties to Russia, and Iran is home to more than 10 percent of Russia’s GDP.