A senior Russian diplomat said more countries around the world are joining an initiative to use local currencies for settlement of trade payments as the US dollar becomes increasingly unreliable because of Washington’s sanction policies.
Gold steadied after the longest run of daily declines since November as investors weighed the impact of a stronger dollar and rise in US Treasury yields against expectations for further massive stimulus.
Gold powered to the highest level in almost two months above $1,900 an ounce, aided by a weaker dollar, building on the biggest annual advance in a decade. Silver also surged on the first full trading day of the new year, while platinum advanced to its priciest since 2016.
The fall in car prices, which started a few weeks ago, is currently on a downward trend due to the fall in the price of the US dollar, and a decrease of five billion to 20 billion rials can be seen in the prices of foreign-made cars.
Iran’s rial has strengthened against the US dollar in the unofficial market mainly on speculations that US President Donald Trump’s sickness could hurt his re-election chances in the next month’s elections.
As the dollar continues its decline against the backdrop of an economy battered by the coronavirus pandemic, with the US Federal Reserve pushing for quantitative easing and nearly-zero interest rates to offset the impact of the health crisis, the greenback's role as a universal store of value is now being questioned as never before.