13.11.201815:59 Forex Analysis & Reviews: Record demand for gold recorded in Iran

According to expert estimates, positive trends were recorded in the gold market in Iran in the third quarter of this year. Demand for gold coins and bars reached a record 21.1 tons, which is the highest figure in the last five years.

In connection with the introduction of new sanctions by the United States and the weakening of the national currency, Iranian citizens are actively buying the yellow metal. Experts believe that this will help them keep their savings. Gold coins and bars are preferred because they are not subject to VAT. According to experts, the gold market in the Middle East is experiencing better times. Compared to the third quarter of 2017, sales of precious metals increased by 144%, and compared with the second quarter of this year, growth was 28%.

In Turkey, the increase in demand for investment gold in the form of ingots and coins is also recorded. The population is concerned about the financial instability in the country and the weakening of the national currency. In August 2018, the price of the yellow metal, estimated in Turkish lira, reached a record high. In this regard, many investors have recorded a profit by selling part of their bars and coins.

In South Africa, according to data for September of this year, the level of gold production declined significantly. Previously, such a sharp decline was noted three years ago, experts underline. According to the South African Bureau of Statistics, in September 2018, 19% less precious metal was mined compared to the same period in 2017. The decrease in the production of the yellow metal in the country is recorded for the sixth month in a row.