The gold and coin market in Iran, due to its sensitivity to changes in the exchange rate and the global gold price, is always of interest to investors and traders. As the end of October approaches, questions have arisen about the future price of gold. Will prices rise again after recent fluctuations, or is the market on the verge of a price correction?
Analysis of Transactions in the Third Week of October
In examining transactions from October 18 to 23, it was found that different assets in the gold market have followed different paths. The price of a quarter coin significantly increased from 75 million and 900 thousand tomans to 77 million and 700 thousand tomans, and in some transactions even reached 78 million and 290 thousand tomans. Meanwhile, the half coin and Imam coin experienced less volatility.
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The price of the Imam coin decreased from 269 million and 500 thousand tomans to 269 million and 400 thousand tomans, and ultimately, the price of 18-carat gold and melted gold also declined. Specifically, the price of each gram of 18-carat gold dropped from 26 million and 612 thousand tomans to 26 million and 307 thousand tomans.
Factors Influencing Gold Prices
To predict the price of gold in the coming days, four main factors must be considered. The dollar rate, changes in the global gold ounce, the purchasing power of the rial, and market demand are among these factors. Changes in any of these variables can have a significant impact on the price of gold.
The dollar rate is one of the most important determinants of gold prices. Even with a stable global ounce, an increase in the exchange rate can drive gold prices up. Conversely, a decrease in the dollar rate can create downward pressure on the market. The global ounce fluctuates between $4,100 and $4,400, and decisions by the U.S. Federal Reserve in this regard are very significant.
Analyzing the gold price chart shows that the market is in a sensitive position. The identified support and resistance levels can determine a path for predicting prices until the end of October. If prices stabilize within specific ranges, it is predicted that the price of 18-carat gold will fluctuate between 25.7 to 27.5 million tomans.
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