Gold Hits Historic Peak: Global and Domestic Markets Respond to Economic Shifts
Tehran – In a significant market movement, global gold prices surged past the psychological barrier of $4,000, reaching an unprecedented high of $4,021 per ounce. This historic rally has sent waves of optimism through international markets, with domestic markets for bullion and the Emami coin following suit, influenced by the dual forces of the rising global ounce and a strengthening US dollar.
A Resurgent Currency Market
After a calm start and a slight initial dip, Iran’s free market for foreign exchange experienced a noticeable return of buyer activity on Tuesday. The US dollar, which had opened at approximately 111,100 tomans, gradually reversed its course as demand increased and selling pressure eased. It ultimately climbed to the range of 113,800 tomans.
This upward movement, occurring after several days of a downward trend attributed to policy-maker interventions, is widely seen as a reflection of cautious buyers re-entering the market. Following Monday’s closing at 112,250 tomans, Tuesday’s growth can be interpreted as a natural market correction to the recent consecutive declines.
A Phase of Short-Term Equilibrium
Economic experts suggest that the currency market is currently in a “short-term equilibrium phase.” This is a stage where supply and demand, after several heavy fluctuations, are approaching a point of temporary stability.
Analysts believe no fundamental changes have occurred in the core macroeconomic variables. The recent developments are seen more as a market-driven psychological adjustment. While the Central Bank, through the targeted injection of export-derived currency, has been working to limit the range of fluctuations, inflationary expectations and broader economic risk factors remain key determinants of the market’s direction.
Gold and Coin Markets Follow the Trend
The markets for gold and coins also entered an upward trajectory on Tuesday, moving in sync with the rising dollar and the global gold surge. After several days of price corrections, the Emami coin once again approached the threshold of 113 million tomans, while 18-karat gold neared 11 million tomans.
Market participants attribute this growth to a combination of two factors: the increased exchange rate in the domestic market and the historic jump in global gold prices, which have now reached their highest level in history. Experts note that a significant part of today’s growth is a psychological reaction to recent declines, coupled with rising inflationary expectations and the re-entry of retail buyers into the market.
