Iran’s gold reserves are at their strongest level in decades and would help cushion the economy even if Western powers trigger the so-called snapback of UN sanctions, a former senior banker said on Wednesday.
“The volume of gold imported last year was unprecedented in recent decades,” said Hossein Mehri, former head of Iran’s Bank of Industry and Mine. “Imports of 100 tons of gold is a very significant figure and shows our reserves are in an excellent and rare condition.”
Mehri said the reserves were untouched during the recent 12-day conflict with Israel. “Even in that period, there was no need to draw from our gold reserves, and this shows the strategic depth of the country’s resources,” he said.
Dismissing concerns over possible sanctions snapback under the 2015 nuclear deal, he said: “Even if this mechanism is activated, it does not mean the collapse of the country’s economy. For 46 years we have withstood Western pressures and the country has become, in a way, vaccinated against them.”
He said timely government and central bank measures, including allocating $2 billion to essential goods during the conflict, had helped maintain market stability. “Our situation in terms of foreign exchange, gold, essential goods and other sectors is relatively good, and even activation of the snapback mechanism cannot create a serious crisis,” he said.
Gold has become a key safe-haven asset in Iran as the country navigates sanctions, currency volatility, and political uncertainty.
In the first half of the previous Iranian calendar year (March 21–September 20, 2024), Iran imported about 43 tons of gold bullion worth $2.5 billion — a sixfold increase compared to the same period in 2023.
Officials have allowed certain exporters to import gold instead of repatriating foreign currency, a policy seen as a way to sidestep sanctions and manage currency reserves. Gold has also been used in transactions such as the sale of Shahed drones to Russia, partly paid in bullion.
The trend has accelerated since the June war with Israel, when about $500 million was pulled from the Tehran Stock Exchange, much of it shifting into gold or moving abroad.
World Gold Council data shows that in Q2 2025, Iran’s gold coin and bullion purchases rose 20%, while jewelry demand grew 12% despite record prices. In 2024 alone, gold imports exceeded 100 tons worth over $8 billion, representing roughly 11% of total imports.
