Amid escalating military tensions in the Strait of Hormuz and fresh US sanctions on an Iran-linked transport network, the US dollar reached 274,000 tomans on Tehran’s open market. The UAE dirham rose to 75,200 tomans, while a full gold coin was priced at 274.5 million tomans.

In trading on Thursday, October 22, the Iranian rial continued to weaken, with the US dollar rising to 274,000 tomans on Tehran’s open market. Meanwhile, the euro traded at a record 308,000 tomans, while the UAE dirham reached 75,200 tomans.

The price of 18-carat gold also climbed to 27.2 million tomans per gram in Tehran trading. The Emami-design full gold coin rose to 274.5 million tomans.

Gold prices in Iran rose even as the global price of gold fell by $49 to $4,083 an ounce in Thursday’s trading. The divergence highlights the impact of the rising exchange rate and domestic pressures on Iran’s gold market.

The US dollar had surpassed 270,000 tomans on October 4 before retreating to 260,000 tomans. However, it resumed its upward trend as tensions between Tehran and Washington intensified further.