Gold News

Iranians Told Not to Buy Gold, Dollars

PEOPLE in Iran have been told by their government not to Buy Gold or US Dollars, the country's official news agency INRA has reported.

Shamseddin Hosseini, Iran's economy and finance minister, has warned those Buying Gold or US Dollars that the prices of those assets are about to drop.

"Foreign currencies and gold coin rates will drop so those who buy them at high cost must not complain later," Hosseini said.

Many Iranians are reported to Buy Gold and Dollars in response to rising inflation. The annual inflation rate rose to 19.1% last month – having hit a 25-year low in August last year at 8.8%.

One daily newspaper, Kayhan, reports that Iran's government has moved to make it harder to Buy Gold, by banning the import of foreign gold products.

By criticizing those who Buy Gold and seeking to make it more difficult – Iran's authorities are joining those of Vietnam. The State Bank of Vietnam last month issued a draft decree proposing restrictions on gold dealers and refiners. 

The draft decree specified that refiners should have a minimum level of registered capital of 500 billion Vietnamese Dong (around $25 million), as well as a market share of at least 25% in order to be allowed to make Gold Bullion bars.

Gold dealers, meantime, should have minimum registered capital of VND 100 billion, two years' track record and shops in at least three provinces or cities, according to the SBV draft decree.

Inflation in Vietnam has recently shown signs of slowing, though it remains high by recent Western standard. Last month, annual inflation fell to 21.6% - down from 22.4% in September.

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