Currency and Gold Prices Rise Again; Dollar Surpasses 15,000 Tomans

Reports from Iran indicate that the prices of currency, gold, and coins have risen again, with the price of each dollar surpassing 15,000 tomans. ISNA news agency reported that the price of the dollar, which was 14,500 tomans on Sunday morning, reached 14,800 tomans by 3 PM. Additionally, based on rates published on gold and currency websites, the selling price of each dollar in the free market has exceeded 15,000 tomans. These websites reported the selling price of the euro at 17,606 tomans and the pound at 19,584 tomans. Meanwhile, a member of the board of the Gold and Jewelry Union stated that despite the holidays (the month of Muharram), the price of currency increased, which in turn raised the prices of coins and gold. Mohammad Kashti-Arai attributed the price increases to 'political issues' without providing details. According to him, on Sunday, the price of each gold miscal (about 4.6 grams) increased by approximately 70,000 tomans to reach 1,769,000 tomans. Mr. Kashti-Arai also mentioned that the full coin is sold for 4,550,000 tomans, the half coin for 2,150,000 tomans, and the quarter coin for 1,140,000 tomans. Some websites have cited the attack on the military parade in Ahvaz as a reason for the price increases on Sunday. The failure of negotiations between Iran and Europe, uncertainty regarding the approval of anti-money laundering bills, a decrease in Iran's oil exports, and a UN Security Council meeting chaired by the US President this week are other reasons contributing to the rise in currency prices. The dollar price on the previous Sunday initially rose to about 13,900 tomans and ultimately reached 14,300 tomans. Since the US withdrawal from the JCPOA on May 8 of this year, the value of Iran's national currency has decreased by more than half. The US reinstated the first round of its suspended sanctions against Iran on August 6 and announced that in the next phase of sanctions, which will begin on November 4, it aims to reduce Iran's oil sales to zero. According to some analysts, sanctions on oil sales and banking will be the most significant sanctions against Iran, a point that some officials of the Islamic Republic have also acknowledged.