The domestic gold market today, Wednesday, October 1, 1405, continues to see a decrease in gold and coin prices as the global gold ounce has retreated to around 4 thousand and 315 dollars. On this day, the dollar is also trading almost unchanged at around 231 thousand tomans. This situation reflects the impact of two main variables, namely the global gold price and the exchange rate, on the domestic market.
The Role of Global Variables in the Domestic Market
In trading on Wednesday, the price of the global gold ounce faced a decline of 1.12% and reached 4 thousand and 315 dollars. This price drop is under pressure from the tightening signals of the Federal Reserve officials. Tom Barkin, President of the Richmond Federal Reserve, emphasized that the effects of inflation shocks may take time, and Susan Collins, President of the Boston Federal Reserve, supported the continued increase in interest rates and expressed concern about inflation remaining above 2 percent.
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Conversely, oil prices have decreased for the sixth consecutive session. This could alleviate inflationary pressures and reduce concerns about rising interest rates. Additionally, investment demand for gold in China remains high, with the country's gold imports exceeding one thousand tons by the end of August, which impacts the global gold market.
Analysis of Gold and Coin Prices in the Domestic Market
In the unofficial market, the dollar has remained stable at around 231 thousand tomans. This stability in the exchange rate, along with the decrease in the global ounce price, has allowed the downward pressure from the global market to be transferred to the domestic gold price. In this context, each gram of 18-carat gold is traded at 23 million and 533 thousand tomans, which is about a 0.21% decrease compared to yesterday's average.
Each gram of 24-carat gold has also reached 31 million and 374 thousand tomans, showing a significant decrease compared to yesterday's average. The Tehran quote for coins has reached 101 million and 940 thousand tomans, indicating a decrease of 215 thousand and 985 tomans compared to the previous day.
In the coin market, the old design coin is traded at 231 million tomans, and the new design coin has reached 235 million tomans. The half coin is also being sold for 120 million tomans. Meanwhile, the quarter coin is sold for 63 million and 200 thousand tomans, and the one-gram coin is priced at 33 million tomans.
Given the current conditions, the domestic gold market has experienced a price decrease due to the drop in the global ounce and the stability of the dollar. In this regard, the reaction of the global ounce to the Federal Reserve's monetary policies and inflation developments, along with the dollar's trajectory, are considered two main determining variables for the future of the domestic gold market.
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