Iran is big buyer of gold

Iran has bought large amounts of gold in the international market in a sign of how growing political pressure has driven Tehran to reduce its exposure to the US dollar, a senior Bank of England official said, Financial Times reported.

Market observers believe Tehran has been one of the biggest buyers of bullion over the past decade after China, Russia and India, and is among the 20 largest holders of gold reserves.

Last year central banks became net buyers of bullion after 22 years of large sales, helping drive gold prices to all-time nominal highs. Trades by central banks are often kept secret.


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