Iran Market Pulse: Wednesday Morning, July 22, 2026; Gold and Coins Climb Again as the Dollar Returns Above 190,000 Tomans

Wednesday morning, 31 Tir 1405 (22 July 2026): Tuesday was one of those rare market days when almost every asset rose together. A gram of 18-karat gold gained about 1.4% to nearly 18,445,000 tomans, the Emami coin climbed roughly 1.6% to around 186 million tomans, and the free-market dollar, which had settled near 187,000 tomans the day before, rose about 1.4% again and returned to the 190,000-toman channel (near 190,300). On the same day the Tehran Stock Exchange's main index (TEDPIX) booked its second consecutive green session, up about 1.5% at 4,887,552. The only market that moved against the tide was oil.

Put simply, unlike the prior day when the bourse was green but the currency stayed calm, this time both sides of the market rose together; the usual divergence between the bourse and the parallel market stepped aside for a day. That is the "what happened," dated and sourced; whether the simultaneous rise of gold, the dollar and stocks proves durable, or fades as it has on recent occasions, is the "outlook," and it hinges on today's bourse session (which opens at 9 a.m.) and how global markets behave ahead of next week's Fed meeting.

Market Snapshot (through the close of Tuesday 30 Tir and the morning of Wednesday 31 Tir 1405)

Figures refer to the latest data recorded through the close of Tuesday 30 Tir and the morning of Wednesday 31 Tir 1405; the bourse opens at 9 a.m. today and these numbers change through the day.

Today's Headlines

• Per gold-market outlets, in Tuesday 30 Tir trading a gram of 18k gold rose about 1.4% and the Emami coin about 1.6%; the daily Shargh also reported "million-toman gains in heavy coins during late-afternoon trading" for Wednesday 31 Tir.
• Per capital-market news agencies, the TEDPIX closed Tuesday 30 Tir up about 74,000 points (1.54%) at 4,887,552, booking a second consecutive green session; the Iran Fara Bourse index (IFX) rose nearly 2.1% to around 38,672.
• In the currency market, the free-market dollar returned to the 190,000-toman channel (near 190,300), while the Exchange Center's remittance-dollar sell rate held at 150,915 tomans, leaving the gap between the two rates at about 39,400 tomans (near 26%).
• Globally, spot gold traded above the psychological $4,000 mark, in a range of roughly $4,060 to $4,080; per financial media, the market is cautious ahead of the Federal Reserve meeting on Tuesday and Wednesday, 28 and 29 July (6 and 7 Mordad).
• In energy, Brent crude traded near $88 and slightly softer; OPEC+'s 5 July decision to raise output by 188,000 barrels a day from August, the fifth straight monthly increase, keeps supply pressure on prices.

Gold and Coins: A Day When Domestic and Global Gold Rose Together

In the gold market, a gram of 18k gold closed Tuesday up about 1.4% at nearly 18,445,000 tomans, and the mesghal traded around 79,900,000 tomans. In the coin market, the Emami coin rose about 1.6% to around 186 million tomans and the Bahar-e-Azadi coin held near 181 million. The technical note of the day is that the Emami coin premium (hobab) remains compressed, at roughly 4 million tomans, or near 2% of the coin's price; in other words, the market is paying little extra above the coin's gold content just for its being a coin.

Why it matters. This time the driver of domestic gold came from both sides: the free dollar rose while, at the same time, spot gold held above $4,000 in a range of about $4,060 to $4,080. Domestic gold is essentially the product of these two variables (the exchange rate and the global ounce); when both rise together, gram gold and coins climb faster. For a technical comparison of coins versus melted gold and which better preserves value, see our gold coverage.

Currency: The Dollar Returns to the 190,000 Channel and the Multi-Rate Gap

In the currency market, the free-market dollar, which had reached the 194,000-toman channel on Sunday 28 Tir and then eased to around 187,000, rose about 1.4% again at Tuesday's close and returned to near 190,300 tomans. On the official side, the remittance-dollar sell rate at Iran's Currency and Gold Exchange Center stood at 150,915 tomans; the gap between the free rate and the Exchange Center remittance rate thus reached about 39,400 tomans, equal to nearly 26%.

Why it matters. This gap is the product of the multi-rate currency structure: part of demand is met through the cheaper official channel and the rest presses on the free market. The dollar's return to an upward path after two calm days shows that hedging demand against inflation expectations and geopolitical risk is still alive; as long as the open Strait of Hormuz file and the Iran-Oman talks reach no clear outcome, that demand does not simply switch off.

Stocks: A Second Consecutive Green Session

The TEDPIX closed Tuesday 30 Tir up about 74,000 points (near 1.54%) at 4,887,552, booking its second consecutive green session after the end of a seven-session red run; the Iran Fara Bourse index also rose nearly 2.1% to around 38,672. Market reports point to continued demand returning to the large groups (banking, base metals, pharmaceuticals and food).

What is behind the rebound? Part of it is the usual technical property of a market after a prolonged slide; when panic selling is exhausted, value demand returns. But the notable point today is that this time the bourse's gain happened alongside a rising dollar and gold, not under a calm currency; that suggests some money may be moving into commodity-linked and export-oriented shares as an inflation hedge. That is the "fact"; the durability of the trend is the "outlook," and it depends on real-money inflows staying in the market. For a full review of yesterday's live session, see the midday pulse on our site.

Crypto: Bitcoin Little Changed, Ether Slightly Higher

In the crypto market, Bitcoin traded around $66,380 and little changed, while Ether was near $1,935, up roughly half to one percent. The Tether rate in the domestic market remains almost level with the free dollar, near 190,000 tomans. A reminder: global crypto prices are measured in dollars and the toman price embeds the dollar rate, so part of the toman swing in crypto simply reflects currency moves.

Iron and Steel

In the iron and steel market, factory rebar prices held with little change; for example, 10 mm Aryan Steel rebar (A3) was quoted around 70,450 tomans and 12 mm around 69,180 tomans per kilogram (factory price, 30 Tir). This market watches two variables above all: the exchange rate, which sets the finished cost and the export price floor, and the trend in global steel. With the dollar back on an upward path, upward pressure here could build again in the coming days.

Cars: A Direct Function of the Exchange Rate

In the car market, after last week's jumps that tracked the currency's records, the dollar's return to an upward path could again make the market margin (the gap between factory and free-market prices) sensitive. Meanwhile Iran Khodro has announced a new round of instant sales. In today's inflationary environment, market car prices remain a direct function of the exchange rate.

Building Materials

In the materials market, cement prices were relatively stable; Type 2 bulk Portland cement in Tehran was quoted around 4,014,000 tomans and bulk Abyek cement around 3,673,000 tomans per ton (30 Tir). The main drivers here are seasonal construction demand and energy costs, with the currency's effect indirect and lagged.

Regional and Global Backdrop

The global market these days turns on two things: gold above $4,000 and the coming Federal Reserve meeting. Spot gold traded on Tuesday 30 Tir in a range of about $4,060 to $4,080, up roughly 1.3% to 1.9%, and still holds above the psychological $4,000 mark; the market is cautious ahead of the Fed's rate decision on 28 and 29 July (6 and 7 Mordad), with the prevailing expectation that the rate holds in its current range. The rate path is the most important external anchor for global gold and the dollar, and it reaches domestic gold prices through the global ounce.

In energy, Brent crude traded near $88 and slightly softer. Two forces shape this market: on one side OPEC+'s 5 July decision to raise output by 188,000 barrels a day from August (the fifth straight monthly increase), which adds supply pressure, and on the other the risk premium from the open Strait of Hormuz file, which keeps a floor under prices. Oil reaches Tehran through two channels: the country's foreign-currency income and the psychology of the domestic market. The UAE dirham and China's yuan are also two key settlement corridors for Iran's trade, and their swings feed directly into the finished cost of imports.

The Takeaway

The verdict of the day is clear: Tuesday belonged to hard assets. Gold, coins and the dollar rose together, and the bourse booked a second green session alongside them; only oil was left behind. The one thing to remember is that when the bourse and the parallel market turn green together, inflation expectations are usually at play, not merely a return of confidence; that is why the real test is whether this rise holds in today's session and how global markets react to next week's Fed meeting.

What to Watch Today

• Whether the gold and currency gains hold: whether yesterday's rise in gram gold and coins, and the dollar's return to the 190,000-toman channel, is confirmed in today's market or gives back ground.
• The bourse holding up: whether the main index can keep its second consecutive green session today and whether real money stays in the market; that is the key test of the trend's durability.
• The Fed meeting: the US rate decision on 29 July (7 Mordad), the most important global event of the coming week for gold and the dollar.
• Oil and the Strait of Hormuz: Brent's path between OPEC+ supply pressure and the Hormuz risk premium, and any fresh news from the Iran-Oman talks.
• For upcoming events, see the Sahmino economic calendar.

This report is a news review of market conditions, not buy or sell advice. Figures are timestamped and sourced and change through the day.