The upward trend in currency and gold prices in Iran, which started a month ago, continued on Wednesday, setting new price records. The free market rate for the U.S. dollar surged by 1,600 tomans, surpassing 120,000 tomans for the first time, reaching 120,600 tomans. Meanwhile, the euro also hit a historic high of 140,500 tomans, and the British pound rose to 159,750 tomans.

Just a week prior, the dollar was trading at 80,000 tomans, marking a 50% increase over the last seven months due to the continued depreciation of the Iranian rial. The price of a gold coin reached an unprecedented 127.5 million tomans.

Experts suggest that this new phase of rial depreciation is driven by various factors, including government budget deficits, reduced prospects for negotiations with the U.S. and lifting sanctions, speculation about declining foreign income due to the potential fall of the Venezuelan government and its increased oil supply to global markets, as well as economic uncertainties heightened by the looming threat of war with Israel.