Sat Feb 08 09:40:00 UTC 2025: **Gold and Coin Prices Soar to Record Highs in Iran**
Tehran, Iran – Iran’s gold and coin market opened the week with record-high prices following a surge on Thursday, driven by global gold price increases and the fluctuating exchange rate of the Iranian rial against the US dollar. The Emami gold coin, a popular investment, hit a new high of 69 million tomans (approximately $1,500 USD at the unofficial exchange rate), while the price of one gram of 18-karat gold reached 6,110,000 tomans.
The global price of gold surged past $2,800 per ounce for the first time, fueled by increased demand for safe-haven assets and uncertainty stemming from Donald Trump’s announcement regarding potential tariffs on imports from Canada and Mexico. While the global gold price retreated slightly later, the impact on the Iranian market was significant. Domestically, the rising US dollar further exacerbated price increases.
Analysts attribute the price surge to a combination of factors, including the global rise in gold prices (3.03% weekly growth), the strengthening US dollar, and increased inflationary expectations. The Emami coin saw a remarkable 14% weekly return. While a decrease in the coin’s premium due to central bank interventions made it more attractive to traders, the overall uncertainty in the market, especially regarding US foreign policy and potential nuclear deal negotiations, contributed to high demand and a 9% increase in the premium to 19%, its highest level since December 2nd.
Despite speculation surrounding potential positive developments in nuclear negotiations and FATF considerations, inflationary expectations remain high, and the market hasn’t yet shown significant reaction to these news items. However, the upcoming closure of government offices, banks, and the stock market may contribute to reduced market volatility and price stabilization. Traders remain cautious, with support and resistance levels identified for both gold and the Emami coin. The ongoing geopolitical uncertainties are expected to maintain an upward trend in prices unless significant positive signals emerge from international negotiations.
First Piper 