Spot gold opens sharply up as rising geopolitical risks boost haven demand
This story was originally published at 13:25 IST on 29 January 2026
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MUMBAI – Spot gold prices opened sharply higher on Thursday as rising geopolitical risks galvanised futures prices on derivatives exchanges. Gold of 99.9% purity was quoted in the spot market at INR 176,121 for 10 grams, up from INR 164,635 per 10 grams Wednesday, according to India Bullion and Jewellers' Association.
Dealers are charging a hefty premium of INR 4,000 per 10 grams on gold prices, jewellers said.
Futures contracts of gold on the Multi Commodity Exchange hit a fresh record high of INR 180,779 per 10 grams Thursday, tracking all-time highs hit by contracts on the COMEX, as tensions between the US and Iran fuelled safe-haven demand. Prices were also supported by a weak dollar.
Gold prices rose as investors increased allocations to safe-haven assets amid economic uncertainty and rising geopolitical tensions, traders said.
Threat of war between the US and Iran loomed after US President Donald Trump told Iran that time was running out and that a huge US armada was moving quickly towards the country "with great power, enthusiasm and purpose." The US president said on social media that the fleet headed by aircraft carrier USS Abraham Lincoln was larger than the one sent to Venezuela before the removal of Nicolas Maduro earlier this month, and was "prepared to rapidly fulfil its missions with speed and violence if necessary," the report said.
In response to Trump's comments, Iran's foreign minister, Abbas Araghchi, said Iranian armed forces were ready to "immediately and powerfully" respond to any possible attack by the US, Al Jazeera reported. End
Reported by Abhijit Doshi
Edited by Avishek Dutta
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