Tehran's Gold and Silver Funds Jumped Up to 6.1% Today While Global Bullion Barely Moved (Saturday, August 22, 2026)

On Saturday, August 22, 2026 (31 Mordad 1405), Tehran's gold and silver investment funds had a far more dramatic session than the two metals themselves did on global markets. Per Sahmino's own screen of the entire Tehran Stock Exchange and Iran Fara Bourse board (as of 5:36 p.m. Tehran time today), at least 10 investment funds backed by gold or silver rose between 4.4% and 6.1%, while global gold and silver ounce prices were essentially unchanged over the same window. At the same time, Tehran's physical Emami coin and 18-karat gold also rose far more than the free-market dollar rate.

Background

Global gold has been on a steady climb since mid-August: spot gold, at about $4,289 an ounce on Friday, August 7, reached $4,511 by Wednesday, August 19, and near $4,560 by Friday, August 21. Per Ecoiran (Saturday, August 22), gold and coin prices in Tehran rose for a second consecutive day; the Emami coin reached 204,510,000 tomans at 11:29 a.m. today, up 2.49% from the previous day, a figure Donya-e-Eqtesad separately corroborated (204,500,000 tomans). Ecoiran called the increase "sharp" and linked it to the continuing global gold rally and the US Treasury's expanded long-term bond buyback program. See today's fuller market backdrop in Sahmino's live price pages.

Alongside this, Tehran's gold and silver commodity fund market closed out last week with a string of subscription records: the silver fund "Yas" raised 1,000 billion tomans within seconds on Wednesday, August 19, and the silver fund "Silva" raised 200 billion tomans in its own opening minutes on Sunday, August 16, a backdrop showing fresh money was already flowing into these funds before today. For how these funds work and why their board price drifts from NAV, see Sahmino's learning hub.

Today's Numbers

Per Sahmino's own trading data at 5:36 p.m. Tehran time today, four funds posted the sharpest gains among gold and silver funds, and each had also risen for three consecutive sessions before today:

• Zargar (gold fund): up 6.07% today; volume running 2.09 times the 20-session average; highest close since May 6, 2026.
• Noghrin (silver fund): up 6.03% today; highest close since June 15, 2026.
• Rose Toranj (gold fund; assets under management had reached 10,000 billion tomans as of August 6, per Mehr and Eghtesad Online): up 5.98% today; highest close since May 7, 2026.
• Jame Tala (gold fund): up 5.79% today; highest close since May 7, 2026.

In the same screen, the silver funds Noghrabi (4.61%), Noghran (5.07%), Simin (4.73%), Noghrefam (4.38%) and Silver (5.13%), plus the gold fund Rosegold (5.08%), also posted gains in the same range; Simin's 20-session average price also crossed above its 50-session average this past Monday (August 17), a technical signal of a trend shift toward gains.

In the cash market, the Emami coin reached 209,035,000 tomans at 5:29 p.m. today, up 4.76% (about 9,500,000 tomans) from the previous day. Eighteen-karat gold rose 5.7% over the same window to 20,984,000 tomans a gram. Against these, Tehran's free-market dollar (the "agreed" dollar) stood at 192,700 tomans at 5:29 p.m., up 1.74% (about 3,300 tomans) from the previous day, meaning today's domestic gold gains clearly outran both the dollar's rise and the flat global ounce price. Globally, spot gold traded at $4,607.35 an ounce at 1:51 a.m. Tehran time today (down 0.08%), and spot silver at $68.95 an ounce at 3:28 a.m. (down 0.13%), both metals essentially unchanged.

Drivers

Per an Ecoiran report published at 5:00 p.m. today, global markets spent the past week under pressure from concerns over the US budget deficit, sticky inflation and the government's financing costs: long-term US Treasury yields rose again, the dollar weakened, and gold and bitcoin rose together. That same driver, an expanded US Treasury long-term bond buyback program, was also cited as the trigger behind global gold's near-4% jump on August 19.

But today's twist is that this global driver was not the engine of the move: global gold and silver ounce prices held essentially flat over the hours cited above, and the sharp gains in both Tehran's physical gold and its gold and silver funds came far more from the 1.74% rise in the free-market dollar and from domestic demand. Zargar's volume running 2.09 times its average, and the three-session uptrend already running in the top four funds, suggest that the fresh money which entered this market last week via Yas and Silva's record subscriptions kept buying on the board today.

Outlook

This is interpretation, not a hard figure: as long as global gold and silver hold near their current levels (around $4,600 and $69), the continued rise of Tehran's domestic funds will hinge on the free-market dollar and fresh fund demand, not on global markets. Any sudden dollar move or pullback in the global ounce price could close this gap quickly, much as the Emami coin's own premium has swung sharply in recent weeks, from a 51% overnight jump to a 16.6% overnight collapse.

Bottom Line

Today, Saturday, August 22, 2026, Tehran's gold and silver funds, rising between 4.4% and 6.1% on volume several times their average, clearly outran the global market for the same two metals, which was essentially flat. A 4.76% rise in the Emami coin and a 5.7% rise in 18-karat gold, against just a 1.74% rise in the free-market dollar, repeated the same pattern in the cash market. The takeaway for investors: today, Iran's gold and silver told their own story, separate from global gold and silver.

What to Watch

Whether the three-session uptrend in Zargar, Noghrin, Rose Toranj and Jame Tala continues into the next session (Sunday); whether the free-market dollar holds near 192,000 tomans or corrects; and whether global gold extends its three-week rally next week or enters a correction.