Many Iranians are reported to buy gold and dollars from black markets in response to rising inflation which climbed near twenty percent in recent times from as low as 8.8 percent.
TEHRAN(BullionStreet): Iranian authorities repeated their claims that country's currency, the rial is strong enough to withstood any crisis and urged people not to buy gold or dollar in a hurry.
However, they admitted the fact that Iran has seen an increase in the demand for foreign currency during the last few days, adding that there has been fluctuation in the foreign currency rates.
Recent sales of gold coins by country's central bank evoked huge responses from people as large crowds were seen outside the various banks offering sales.
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And China......they are not having any problem buying the yellow stuff on the dip.
Well amid global volatility, investors the world over have been pouring their money into gold this year. And here in China, demand for the yellow metal is surging, on the back of rising incomes and inflation concerns. Figures from the World Gold Council show, China overtook India in the third quarter as the largest gold jewellery market. Yin Hang takes a look at how Chinese investors are getting their bling on.
Chinese shoppers jam into a long queue, waiting to ring up their purchases, and take their precious gold jewelry home. It’s a common scene, found in any of the gold jewelry stores in the capital city of Beijing.
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