Iran’s demand for gold tripled in the second quarter, reaching a four-year high, ahead of this month’s US renewal of sanctions that has prompted the rial to shed more than half of its value this year.
Sales of gold bars and coins surged 200 per cent to 15.2 tonnes in the second quarter of 2018, the World Gold Council said in a report on Thursday. Analysts say demand could continue to grow during the rest of the year as the US sanctions come into effect over the coming months, putting further pressure on the currency.
“Iran’s weakening economy, growing sense of insecurity and a currency which has almost halved in value, boosted bar and coin demand,”
the report said.
Iranians are hoarding gold bars and coins as their economy, battered by years of sanctions, may weaken further when the US imposes an embargo on Iran's energy, finance, shipping and insurance sectors on November 4.
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Read more:
Explainer: the collapse of the Iranian rial
Iran's top leader says harm to economy must be punished
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Global demand for gold bar and coins in the second quarter was flat year-on-year at 247.6 tonnes but investor concerns on currency depreciation drove demand in the Iranian market, the report said. The Iranian rial had slumped over the three months, prompting the rush for gold investments, which are considered a safe haven amid economic volatility.
The rial dropped to an all-time low this weak but recovered on Wednesday after US president Donald Trump offered to talk with his Iranian counterpart, Hassan Rouhani.
“Looking at the performance of the Iranian rial over the course of 2018 it’s only natural that gold demand has Iranian consumers and manufacturers look to protect against further devaluation in the lead-up to August 6,” said Gaurav Kashyap, market
strategist at Equiti Global Markets. “With the geopolitical situation in the region and political uncertainty domestically, consumers will continue to flock to gold as a safe haven.”
The drop in the rial will "continue to spark Iranian demand going forward," he added.
Demand for gold jewellery in the Middle East in the second quarter continued to struggle against a "challenging" economic backdrop, the report said.
Iran led the regional gold jewellry drop with the biggest loss in the second quarter as Iranian demand fell 35 per cent to 6.6 tons, the lowest quarter in the council's data records.
"Faced with renewed economic sanctions and a collapsing currency, which caused a huge rise in the local price, demand for gold jewellery slumped," the gold council said. "Instead demand was channelled into gold investment products which, unlike gold jewellery, are VAT-exempt, pushing demand for bars and coins to a four-year high. "
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now