The Price of Coins and Currency Rates in Iran Rise Again

Reports from Iran indicate that the prices of various coins have increased, and the dollar rate in the free market has risen for the second consecutive day. The price of the Imam coin reached 42.5 million tomans on Monday, August 29, with an increase of over 2%, while the quarter coin saw the highest price growth of over 4%. This is occurring despite a decline in global gold prices on the same day, raising questions about the reasons for the increase in coin prices domestically. Some Iranian media outlets have attributed the significant rise in coin prices to the superstition that buying coins on the 13th of Safar is 'auspicious,' leading many believers in superstitions to flood the gold market. Mohammad Kashti-Arai, the vice president of the Gold and Jewelry Union, also told ILNA news agency that following the spread of information on social media about the auspicious nature of buying gold on the 13th of Safar, there was a long queue for gold purchases, and the market was very busy. However, he did not explain why the price of coins surged on the following day, the 14th of Safar. It seems that the rise in coin prices is linked to the bleak outlook for peace negotiations regarding Gaza. Earlier, some Western media reported that Iran had suspended its attack on Israel in retaliation for the killing of Ismail Haniyeh, head of Hamas's political bureau, in Tehran due to a new round of peace negotiations in Qatar. Additionally, recent statements by Abbas Araghchi, the proposed foreign minister under President Masoud Pezeshkian, regarding the 'non-renewability of the JCPOA' and his focus on 'controlling the damage from sanctions' instead of hoping for the lifting of U.S. sanctions may also be contributing to the increase in currency and coin rates in Iranian markets. On Sunday, the U.S. dollar rose by 550 tomans in the free market, and on Monday, it increased again by the same amount to reach 59,050 tomans.