The Iranian currency market opened the second weekend of October with relative stability in the foreign exchange sector. The US Dollar (USD) is currently being sold at 267,900 Toman, maintaining a narrow spread with the buy rate of 266,315 Toman. Despite the calm in the currency corridors, the gold market is experiencing significant volatility driven by international factors. The global gold ounce has reached an unprecedented $4,197.30, creating a massive bullish wave in domestic markets.
As a direct consequence of the global gold rally, the Emami gold coin is now priced at 270,000,000 Toman, while the Bahar Azadi coin follows at 259,000,000 Toman. The price of 18-karat gold has also surged to 26,363,174 Toman per gram, reflecting the combined pressure of the global ounce and local demand for safe-haven assets. Analysts suggest that as long as the global ounce remains above the $4,100 support level, domestic gold prices will likely maintain their upward trajectory regardless of USD stability.
In the digital asset space, Bitcoin (BTC) continues its robust performance, trading at $82,421. The Tether (USDT) rate in the Iranian market is currently 266,902 Toman, which is slightly lower than the physical USD sell rate, indicating a balanced demand between digital and physical currency. Ethereum has also maintained its position near $2,493, providing a stable alternative for crypto investors during this period of high gold volatility.
Looking ahead, the market's focus remains on the opening of international markets on Monday and any potential shifts in regional geopolitical tensions. While the Central Bank's intervention has kept the USD within a predictable range, the gold sector remains vulnerable to external shocks. Investors are advised to monitor the correlation between the global ounce and the Emami coin's bubble, which remains a key indicator of market sentiment in Tehran.