Tehran's One Month Gold and Coin Rally Was Not the Ounce's Doing: Ounce Zero Percent, 18 Karat Gold 26.7 and the Coin 27.5 Percent (Iran Market Pulse, Saturday 21 Shahrivar 1405 / 12 September 2026)

Tehran's eighteen karat gold rose twenty six point seven percent in a month, and it was not gold's doing. Over that same month, spot gold barely moved, ending three hundredths of a percent lower. The domestic gram is the ounce times the exchange rate, so when the ounce holds, the rial did the work. Last prices before the closure: the gram near twenty four million tomans, the coin two hundred forty one million. Over one month the coin rose twenty seven and a half percent, the bourse twenty four, bitcoin twenty two. Even so, the ounce still sits nineteen percent below its own record high set last winter. The last Tehran session, Wednesday the eighteenth of Shahrivar, closed the index at a fresh record. The index settled at seven million one hundred twenty two thousand points, a fifth straight rising session. But that same day retail investors were net sellers of two and a half billion shares in Tehran. This morning the pre opening board shows buy queues on Mobarakeh Steel, National Copper and Shasta. Two roads open from here: continued currency pressure, or a steadier rial and the rally stopping. Today watch the nine o'clock open, the direction of retail money, and the first currency prices. The verdict: last month belonged to the rial, not to gold. Our previous reading held its level but lost its condition. So the answer: the rial did it. Our reading is gold above twenty three million tomans this week. What do you think?