A report by the Fars Communications Agency on Tuesday said Iran had made $1.3 billion in profits from around 81 metric tons (MT) of gold imports between late January and late January.
Iran’s customs figures show that the country spent $6.5 billion on gold imports over the period, adding that the freight is currently worth $7.8 billion, considering current gold prices in international markets.
It also cited the latest figures from China Customs, which showed Iran imported about 2.25 mt of gold from the country, further increasing stock as gold prices rose.
Analysts believe that the purchase of gold by central banks around the world, affected by risks caused by US trade and monetary policy, is one of the main reasons for the rise in gold prices in recent months.
Iran’s central bank governor Mohammad Reza Farzin said last month that he is one of the top five gold-buying countries in the world as Iran claimed that lenders converted about 20% of its reserves into gold.
Iran has reduced tariffs on gold imports to zero, increased gold reserves, and encouraged the return of funds held in other countries due to US sanctions.
Customs figures released earlier this week showed that gold accounted for more than $8 billion or 11% of total imports into Iran from late March to late March.
MNA/