The Price of Gold Coins Surpasses Three Million Tomans

The price of the new design of Bahar Azadi gold coin finally surpassed three million tomans on Saturday, July 30, reaching over three million and 130 thousand tomans with a jump of 180 thousand tomans. According to the analytical news website Alif, Mohammad Kashti-Arai, a member of the board of directors of the Gold and Jewelry Sellers Union, attributed this price surge to the non-arrival of pre-sold coins in the market. The Iranian government pre-sold over seven million coins to adjust prices and combat the shortage in the market, but this led to its own crises. According to Iranian officials, a large volume of these coins was purchased by a few individuals. The head of Iran's Inspection Organization stated that 50 people had pre-purchased 380 thousand coins, which is equivalent to five percent of all coins. Mohammad Kashti-Arai noted that it was expected that the pre-sold coins would enter the market on Wednesday, but this did not happen, and the hidden demand for these coins caused the price to rise again. He added that while it was anticipated that the coin bubble would decrease by the end of the week, it actually increased. Kashti-Arai estimated the bubble on the coin price to be around 700 thousand tomans and stated that the price should be two million and 450 thousand tomans. The IRNA news agency also reported that industry activists partially attributed the price surge to the approaching deadline for U.S. sanctions against Iran. Donald Trump, who has always opposed the global powers' nuclear agreement with Iran, announced in May that Washington would withdraw from the agreement to resume sanctions against Tehran. Trump's administration is seeking another agreement with Tehran that would also include Iran's missile program and its role in the region. Some of the sanctions against Tehran will come into effect from August 4.