Head of Tehran Gold and Jewellery Union: a lower global ounce did not stop domestic gold and coin from rising, and demand stays weak

The head of the Tehran Gold and Jewellery Union said on Wednesday, 29 July 2026 that despite a decline in the global gold ounce, a rising exchange rate pushed domestic gold and coin prices higher. He added that the market nonetheless remains in a demand slump during the month of Safar.

Reports the same day put the ounce's decline at roughly 4 to 5 dollars and its price around 4,032 dollars, leaving it inside the 4,000 dollar channel. In the domestic market the direction was the opposite: a gram of 18-karat gold was reported at 18,699,300 tomans at 14:00 that day, and the Emami coin traded around 187 million tomans. According to Sahmino's price data, 18-karat gold was up 2.25 percent on the day as of 14:30 on Wednesday, 29 July 2026.

The mechanism the union official describes is straightforward: when the exchange rate rises, the rial price of gold rises even with a flat or falling ounce, because the domestic price is the product of the ounce and the exchange rate.