Increase in Dollar and Gold Prices Following Continued Protests in Iran

Reports indicate that as protests spread across various cities, the prices of currency, gold, and coins in the Iranian market have increased. On Wednesday, January 3, the price of one US dollar in Tehran exceeded 4420 tomans. The Mehr news agency also reported that the price of a new design of the full Bahar Azadi coin reached 1,532,270 tomans on the same day. According to this news agency, the price of the US dollar on Thursday, December 29, was 4203 tomans, and the new design of the full Bahar Azadi coin was traded at 1,415,700 tomans. ISNA reported that the head of the Iranian Gold and Jewelry Sellers Union stated that the political situation in the country has somewhat contributed to the rise in currency rates, which also affects gold prices. Ahmad Vafadar, a member of the Gold and Jewelry Union's board, explained to ILNA that the recent protests "led some people to withdraw their deposits from banks and buy dollars and coins." He added, "Given that the possibility of price increases still exists, currency exchange sales have become scarce, as they are unsure if they can buy again at the same rate." This member of the Gold and Jewelry Union's board predicted that if protests continue, price increases will also persist. The protests in Iran, which began last Thursday in Mashhad, Nishapur, and Kashmar, quickly spread to other cities, marking the most extensive unrest in Iran in the past eight years. Official statistics indicate that 21 people have been killed in the cities of Toyserkan, Dorud, Izeh, Shahin Shahr, and Qahderijan. Iranian security officials have also reported the arrest of over a thousand individuals during these protests.