Iran's Gold Imports Plunged From 13 Tons to One Ton Over Five Months

Iran's latest customs data show the weight of gold imported into the country fell about 92.3 percent in the first five months of the current Iranian year compared to the same period last year, dropping from 13 tons to one ton. The dollar value of these imports fell from 1.256 billion dollars in the same five months last year to 97 million dollars this year, a decline of about 1.159 billion dollars. The report notes that the simultaneous drop in weight and value shows the decline is not simply a result of global gold price swings but reflects a sharp fall in the physical volume of gold imported.