Iran's full Emami gold coin jumped nearly 5 million toman on Thursday, July 2, 2026 (11 Tir 1405) in Tehran's free market, reaching a range of 177 to 178 million toman (roughly $960 to $965 at the free-market dollar rate), according to Nasim Online, Didar News and Eghtesad Online. The move extends a rally that took the coin from 166 million toman to nearly 175.5 million toman over the prior week. Per Sahmino's own earlier Market Pulse report (based on tgju.org data), the coin's "premium," meaning the gap between its market price and the intrinsic value of the gold it contains, widened about 44% over that same week, from 5,484,000 to 7,863,000 toman.
Background
The free-market US dollar rose roughly 9% in the week to July 1 (10 Tir), climbing from 161,500 toman on June 27 (6 Tir) to 174,380 to 176,000 toman by the evening of July 1. The uptrend continued on July 2: according to Shargh Daily, the morning rate opened at 174,300 toman, up 1,800 toman from the prior day, and approached or crossed the 175,000 toman mark during the day. The rally coincides with a fragile ceasefire between Iran and the US and Israel: a memorandum of understanding signed on June 17, 2026 (27 Khordad 1405) opened a 60-day negotiation framework, and the US Treasury issued a 60-day waiver on Iranian oil sanctions on June 22, 2026 (1 Tir 1405), though the outcome of the talks remains unresolved. Global gold was comparatively volatile over the same period: the spot price fell to an eight-month low of $3,943 to $3,965 an ounce in late June before recovering to about $4,055 on July 2, after the new Federal Reserve chair's comments eased inflation concerns.
Key figures
| Metric | June 27 (6 Tir) | July 1 (10 Tir) | July 2 (11 Tir) |
|---|
| Emami coin | 166,010,000 toman | 173,990,000 to 175,490,000 toman | 177 to 178 million toman |
| Emami coin premium | 5,484,000 toman | 7,863,000 toman | No fresh figure reported yet |
| Free-market dollar | 161,500 toman | 174,380 to 176,000 toman | 174,300 toman and rising |
| 18k gold (per gram) | 16,383,000 toman | 17,233,100 toman | about 17,394,000 toman |
Sources for June 27 and July 1 figures: Sahmino's Market Pulse report, based on tgju.org. Sources for July 2 figures: Nasim Online, Didar News, Eghtesad Online, EcoIran and Shargh Daily.
Drivers
Per Shargh Daily, currency-market analysts say dollar volatility, and with it gold and coin prices, is likely to persist until the outcome of the ceasefire negotiations and the country's political situation become clearer. According to Sahmino's prior report, global gold was little changed over the same week, meaning the coin's domestic rally has been driven mainly by the rising free-market dollar and the widening premium itself, not by a move in global bullion. Eghtesad News reports that gold-market experts have flagged the current premium level as relatively elevated.
Outlook
Per gold-market analysts cited by Eghtesad News, progress in the ceasefire talks or a decline in the free-market dollar rate could unwind part of the current coin premium; but until the outcome of the ceasefire and the 60-day oil-sanctions waiver (valid through August 21, 2026) becomes clearer, continued volatility in the coin and currency markets is described as likely. This is a summary of published commentary, not a Sahmino forecast.
What to watch
In the coming days, watch the free-market dollar's trajectory, any official statement from Iran's central bank on coin supply or currency policy, and progress or setbacks in the Iran-US-Israel ceasefire talks. A significant move in the global gold price could also affect where the coin premium heads next.
Disclaimer
This report is for informational and educational purposes only and does not constitute investment advice. All figures carry a specific as-of date and may have changed since; verify information with official, up-to-date sources before making any decision.
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