Gold and Coin Prices Today, October 13: Emami Coin Drops to 4.7 Million Tomans!

Gold and coin prices turned sharply red today with a heavy decline. After yesterday's calm, the market entered a phase of intense selling pressure, and the new-design coin, at 260,450,000 tomans, posted the largest drop among all assets.

According to the economic reporter of Ambassador Arjan, the price of gold and coins today, 21 Mehr 1405, experienced a sharp drop, so that according to the announced rates, the Imami coin, with a price of 260 million 450 thousand tomans, became 265 million tomans compared to the previous day, which is a decrease of about 4 million 550 thousand tomans, and recorded the largest drop among all the assets of the market. Also, each gram of 18 carat gold became cheaper by 378 thousand tomans at the rate of 25 million 726 thousand 26 tomans, compared to 26 million 104 thousand tomans yesterday. Of course, in the global markets, the gold bullion increased by 11 dollars at the rate of 4,190 dollars, compared to 4,179 dollars yesterday, which means that the global market and the domestic market moved in two opposite directions today!

The price of Imami coin or the new design was 265,000,000 million tomans yesterday, while today it was 260,450,000 thousand tomans, which decreased by 4,550,000 thousand tomans. Also, each gram of 18 carat gold was 26,104,000 thousand tomans yesterday, which today became 25,726,026 thousand tomans, which decreased by 377,974 thousand tomans, and each gram of 24 carat gold became about 34,802,000 compared to yesterday. It was 34,301,368 in 2018, it decreased by about 500,632 thousand tomans.

Bahar Azadi coin or the old design was 257,000,000 million yesterday, but today it reached 253,100,000 thousand tomans, which became 3,900,000 thousand tomans cheaper. Also, the half coin yesterday was 140,500,000 thousand tomans, while today it reached 140,000,000 million tomans, which experienced a decrease of 500,000 thousand tomans. Also, the price of a quarter coin yesterday was 74,500,000 thousand tomans, while today it was worth 73,800,000 thousand tomans and had a drop of 700,000 thousand tomans.

But the important point here is that unlike the previous day when the reductions were mild, today the intensity of the decline has multiplied and today the market came out of the calm and entered the phase of stronger selling pressure, so that the market was resting yesterday and the declines were mild and controlled, but today, the decline of the global market the previous day had its effect on the domestic market with a delay of one day and created an atmosphere of waiting for further correction among the market participants.

Among the coins, the Imami Qara Dar coin experienced the biggest drop in price, followed by the Bahar Azadi coin, the quarter coin, and finally the half coin, and it can be concluded that the bigger and more bubbled the coin, the more severe the drop.

It seems that Imami coin and Bahar Azadi are more sensitive to selling pressure due to higher bubble, more liquidity and more weight. On the other hand, Garam coin, which has the least bubble and the lowest weight, is still standing in its place without change, but the global anas was the only bullish part of the market, which reached from $4,179 yesterday to $4,190 today, and recorded the growth of the dollar, which shows that the domestic market usually reacts to the changes of the global anas with a one-day delay. So that Anas dropped yesterday and today the domestic market compensated it.

Also, the decrease in prices in the gold and coin market originates from the decrease in the exchange rate or the expectation of its decrease, which is one of the key factors of the domestic market rate, although part of today's drop is the result of the owners selling their positions to cash out the profit. Therefore, the domestic market is more sensitive to the exchange rate and domestic expectations than it is dependent on the global market.

It seems that we have the stability of the prices in the current range with a mild fluctuation in front of us, because the global demand has grown today and this can stop the decline tomorrow. Also, raw gold has reached a level where the purchase demand can be activated. Also, the lack of new political and economic shocks has fueled these issues, so the market is expected to compensate at least part of today's decline or stabilize in the current range.

But if the exchange rate decreases further or short-term demand sales pressure continues, the decline may continue, especially in bubble coins such as Emami and Bahar Azadi.

A weaker scenario is that if a positive signal is sent from global markets or exchange rates, such as a double-digit growth rate or an increase in seasonal capital demand, the market can quickly change its course.