Iran Market Pulse: Saturday Morning, 25 July 2026; Global Gold Slid $100 from Its Record, but Domestic Gold Rose

Today the market has an interesting contradiction; global gold fell, but gold in Iran rose. Spot gold is near four thousand and fifty dollars, about one hundred below this week's record. The drop came from expectations of a more hawkish Federal Reserve, a firmer dollar, and easing regional tension. But in Tehran on Friday, a gram of eighteen-karat gold reached about eighteen point nine million toman, and coins rose. Because the domestic gold price is the global ounce times the exchange rate; the rial offset the global drop. Brent crude fell nearly four percent on Friday, settling near ninety-seven dollars a barrel. The driver was reports of an effort to revive Iran-US talks, which trimmed the risk premium. The Tehran Stock Exchange index closed Wednesday near four point eight eight four million points. It was the second green session in a row, led by refining, pharmaceutical, and food groups. For today, three paths: continued gains, consolidation, or the effect of the Mobarakeh Steel symbol re-opening. The free dollar held near one hundred ninety-three thousand toman, and Bitcoin was about sixty-four thousand dollars. Watch these today: the bourse re-opening, negotiation headlines, the global ounce, and the Mobarakeh Steel re-opening. Today's verdict is clear; global gold slid, but gold in Iran's market did not get cheaper. So the key is the exchange rate, not just the global ounce; full analysis on Sahmino.com.