A fear-driven economic crisis is gripping Iran, pushing citizens to convert their savings into gold, silver, and diamonds as they brace for a potential new war with Israel and the complete collapse of the Iranian Rial.
The ongoing tension with Israel has deeply unsettled the Iranian public, triggering a massive, fear-driven shift in the country's economy. Reports from Tehran's Grand Bazaar reveal a run on gold, foreign currency, and other precious metals unprecedented in recent memory.
Traders state that every new headline, whether concerning UN sanctions, the plunging value of the Rial, or the possibility of renewed hostilities with Israel, sends Iranians flocking to exchange their vulnerable savings for easily transferable assets. The public is seeking financial shelters that they believe will retain value even if a crisis escalates.
Jewelry vendor Manzer, 28, told the Associated Press that he sold six kilograms of gold in just two weeks. "People are rushing to buy because they are afraid their savings will be eroded," he explained. For many Iranians, gold is seen as the only reliable safe haven against rampant inflation. Behzad Rashvand, 57, summarized the prevailing sentiment: "Every time I earn money, I convert it into gold. It's the only way to maintain value. (Read More)
Traders state that every new headline, whether concerning UN sanctions, the plunging value of the Rial, or the possibility of renewed hostilities with Israel, sends Iranians flocking to exchange their vulnerable savings for easily transferable assets. The public is seeking financial shelters that they believe will retain value even if a crisis escalates.
Jewelry vendor Manzer, 28, told the Associated Press that he sold six kilograms of gold in just two weeks. "People are rushing to buy because they are afraid their savings will be eroded," he explained. For many Iranians, gold is seen as the only reliable safe haven against rampant inflation. Behzad Rashvand, 57, summarized the prevailing sentiment: "Every time I earn money, I convert it into gold. It's the only way to maintain value. (Read More)
