Which Asset Gained the Most in the First Half of 2026?

The first half of 2026 is in the books, and for Iran's markets it was a turbulent six months. In this report we compare the returns of Iran's most-watched assets — from the US Dollar and Euro to 18K gold, the Emami gold coin and Bitcoin — over the completed first half of 2026 (1 January through 30 June), based on free-market rates in Toman.

The yardstick is simple: if you had put 100 million Toman into each asset on New Year's Day, what was it worth when June ended?

The champions: Tether and the Dollar

The half-year belonged to hard currency. Tether — effectively a digital dollar — returned about 27.8%, a hair ahead of the US Dollar itself at 27.4%, which climbed from roughly 136,000 to about 173,000 Toman. More than anything, these numbers tell one story: the Toman lost over a fifth of its value against the dollar in six months.

The Euro gained a strong 23.6% and the Turkish Lira about 19% — both substantial, both still behind the dollar, since each of those currencies weakened against the dollar on global markets over this stretch.

To see what that depreciation means for savings, try the "How much is 1,000 USD worth?" page, which runs live equivalents across assets.

Gold and silver: solid, despite falling ounces

18K gold and the Mesghal each returned about 18.6% — solid, but still behind the dollar. The reason: the global gold ounce fell about 7.8% in dollars over the half. Domestic gold is essentially the global ounce times the dollar rate, so the dollar's climb had to first cancel the global drop before producing any gain. The silver ounce had it worse — down about 19.4% in dollars — leaving it only modestly positive (~+2.6%) in Toman.

The Emami coin: positive, but the bubble leaked

The Emami coin gained about 15.9% — a profit, yet notably less than plain 18K gold. That gap is the coin's bubble — the premium over its metal value — compressing: coins entered 2026 trading at a heavy premium, and part of it deflated over the half. Buying coins at a high premium can underperform the very metal they're made of.

Crypto: the half's big loser

The crash of the period was crypto. Bitcoin lost about 15.8% even in Toman terms — and with the dollar up 27%, that translates to roughly −34% in dollars. Ethereum did far worse still: about −33% in Toman, roughly −48% in dollars.

What the numbers say

• H1 2026's outright winners were the dollar and its stablecoin twin; the euro and lira followed. The real story is the Toman's slide.
• Gold delivered solid Toman returns even while the global ounce fell — the currency effect dominated.
• The Emami coin made money but lagged bare gold: its premium deflated.
• Crypto was the one place hard-currency flight didn't help: deeply negative in both units.

To follow the second half live, see all currencies, gold & coins and crypto on Dolarchand, or convert any amount at live rates with the converter.

Rates are aggregated from the free market and are for information only; this article is not a recommendation to buy or sell any asset. Past performance does not guarantee future results.