Following the 12-day Iran-Israel conflict, concerns over financial security have surged among Iranians. Shining gold has become their focal point—for many, it remains the most reliable hedge against inflation, sanctions, and the depreciation of the rial.

Vendors in Tehran’s Grand Bazaar report that any news of UN sanctions, rial devaluation, or escalating regional tensions triggers a rush for so-called "store-of-value" assets. These include the US dollar, gold, silver, diamonds, cryptocurrencies, and to some extent, stocks.

Portable assets retain their value when local currencies weaken and can be easily carried during crises—a pressing concern for Iranians, many of whom fear renewed war with Israel.

Mansour, a 28-year-old gold jeweler in the bazaar, who requested anonymity due to safety concerns, said he has never seen such high demand. "In the past two weeks, I’ve sold 6 kilograms (13.2 pounds) of gold to ordinary people—an unprecedented experience for me," he noted. "People are scrambling to buy because they fear their savings will lose value."

Behzad Rashvand, a 57-year-old grandfather, views gold as the only shield against Iran’s hyperinflation. "Right now, I believe gold is the best way to preserve wealth," he said. "Whenever I earn money, I convert it into gold."

**Gold Sales Surge in Tehran** This summer, an 18K gold bar traded at around 115 million rials (~$100 at 1 million rials per dollar). Gold coins exceeded $1,000, while a kilogram of silver neared $2,000. On Saturday, Iranian gold coins hit a record high, surpassing 1.2 billion rials for the first time. Local media report that 100-gram silver bars have become a new entry-level investment for middle-class families.

Fatemeh Parsa, a 47-year-old mother of two, regrets using her inheritance to buy a Tehran apartment. While some neighborhoods retain property value, soaring prices outpace savings and bank loans. "With global gold prices rising, I sometimes wish I’d bought gold—my returns would’ve been much higher," she said. "Now, silver seems like a good option, especially for my children’s future."

Reports of mass layoffs due to power shortages, weak demand, and sanctions have persisted for months. Amir Ramezani, a veteran Tehran gold trader, noted that affluent families are selling assets to sustain their lifestyles. "Their incomes no longer support their old standards," he said. "Many are forced to sell gold and jewelry to maintain their way of life."

Cryptocurrencies once offered financial security, but US crackdowns on Iranian crypto traders have heightened gold and silver’s appeal. "Whenever I have savings, I immediately convert them to gold," said Hamid Safari, an audio equipment seller. "History shows gold not only preserves value but appreciates. To secure a better life, we must learn from the past."

**Portability Gains Importance Amid Tensions** Wealthier investors are turning to diamonds and gemstones—discreet, portable stores of value. Jewelers in Tehran and Mashhad report rising demand for small investment-grade stones, now attracting upper-middle-class buyers.

International sanctions have strained Iran’s economy, cutting off foreign investment and global financial access. Years of sanctions have crippled domestic industries, hindering modernization. For those seeking to move wealth abroad, hard currencies and jewelry remain few viable options.

Another unspoken reason: portable assets can be quickly accessed if war resumes. During the recent conflict, tens of thousands fled Tehran for rural areas or the Caspian coast, only to find ATMs empty or dysfunctional. Many carried whatever savings they could gather.

This echoes Iran’s history. During the 1980s Iran-Iraq War, urban refugees took all they could carry. After the 1979 Islamic Revolution, royalists fled with portable valuables as the rial hit 120 per dollar, sparking frenzied gold and jewelry purchases for overseas transfers.

Ahmad, a 49-year-old fabric importer, plans to liquidate his inventory and convert assets into hard currency. "I can’t sell my house or car, but for two months, I’ve been converting all liquid assets to foreign currency and gold," he said. "If I must leave in an emergency, I need assets I can carry."