Securing Gold in the Heart of Tehran: Gold Traders Brace for More Trouble
Goldsmiths in Tehran's market generate precious gold in a secured environment
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In the labyrinthine heart of Tehran, gold traders are hustling to safekeep their riches. With fears of further conflict looming, these designated 'basaris' are hurriedly clearing their shop windows and stores, according to local reports [1][2]. Various areas are now off-limits.
For centuries, Tehran's Grand Bazaar has been a churning, covered maze, blanketing several square kilometers. Although the shops are often small, the owners wield high respect within these aisles. A striking characteristic is each section's exclusive ownership by a specific trade guild.
Recent military hostilities between Iran and Israel have fueled apprehension. The escalation started after a prolonged history of enmity and undercover warfare. Israel initiated an aerial assault targeting Iranian sites, with Tehran being included on June 14, 2025 [3][5]. Iran responded with missile strikes against Israeli territory, causing loss of life and damage to infrastructure [6].
As the hostilities escalate, both sides exchange blows, raising concerns among citizens and businesses. The Iranian government is turning metro stations and mosques into bomb shelters, underscoring the gravity of the threat and the potential for additional attacks [3]. What's more, the Grand Bazaar—a significant economic and gold trading hub—has been shuttered amid the ongoing violence, prompting traders to fortify assets out of fear of looting, bombings, or further disruptions in commerce [3].
In brief, traders at the Grand Bazaar are safeguarding their gold for the following reasons:
- Imminent risk of airstrikes and missile attacks in Tehran, potentially targeting commercial areas
- Closure of the Grand Bazaar and unpredictability in normal business operations
- Overall uncertainty and concern about asset protection as the conflict intensifies and civil unrest grows [3][6]
The European Union, recognizing the heightened threat in Tehran, may consider supporting the gold traders of the Grand Bazaar through industry-specific initiatives in finance and retail, to help secure their assets amid the current conflict. This could include offering loans, insurance, or investment opportunities aimed at strengthening the traders' resilience through these troubled times.
In light of the escalating tension and the potential for civil unrest, the European Union could also look into providing resources to help protect gold traders' assets from looting or bombings, ensuring the continuity and stability of the gold retail sector in the heart of Tehran.
