The exchange rate and gold prices in Iran have once again reached new record highs. Amid growing concerns over intensified pressure on Iran’s foreign trade and foreign-exchange revenues, the U.S. dollar rose by around 7,000 tomans on the unofficial market, briefly surpassing the 200,000-toman threshold.
At the same time, the price of the latest-design gold coin (Emami coin) increased by 9 million tomans compared with the previous day, reaching 218 million tomans. These increases come as concerns grow over the potential imposition of tougher economic restrictions and a decline in Iran’s foreign-exchange earnings.
Market participants’ concerns over the possible consequences of new sanctions and increased pressure on Iran’s foreign-exchange resources appear to be among the factors driving the rise in currency and gold prices.
U.S. Treasury Secretary Scott Bessent had previously said that Washington would impose new and “crippling” sanctions on Iran in the coming days. He also spoke of continued economic pressure on the Iranian government and efforts to limit its ability to provide financial support to proxy forces.
Referring to Iran’s economic situation, including rising inflation, Bessent said the U.S. government would use additional tools alongside economic pressure to intensify pressure on the Iranian government. He also claimed that this policy had produced results in other countries, including Venezuela and Cuba, and would be effective in the case of Iran as well.
Iranian officials, meanwhile, have described U.S. policies as an “unequal war” and characterized them as a continuation of a longstanding and repetitive approach.
The continued rise in the dollar and gold prices comes as Iran’s markets remain heavily influenced by domestic and international political and economic developments. Any changes in the level of sanctions, foreign-exchange revenues, or the outlook for Iran’s foreign relations could have a significant impact on price trends in the country’s markets.
Writer:Salima Aryaei
