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Informist, Friday, Feb. 6, 2026

MUMBAI – Spot gold prices fell on Friday, tracking futures contracts on the Multi Commodity Exchange of India and the COMEX. Prices fell amid easing geopolitical tensions between the US and Iran, which continued to dent the safe-haven appeal of gold. 

In Mumbai, the spot price of gold of 99.9% purity was INR 151,489 per 10 grams, down from INR 153,012 per 10 grams on Thursday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. "Gold premiums in India surged to over a decade high on robust investment buying and expectations of a duty hike, with dealers charging premiums of up to $121 per ounce," Kedia Advisory said.

On Friday, senior US and Iranian officials are expected to meet in Oman for direct talks following recent fears of a military confrontation between the two countries, the BBC reported. US President Donald Trump has built up the presence of US forces in the region and threatened military action if Iran does not agree to a deal on its nuclear programme and stops killing protesters.

The fall in gold prices could be limited due to weakness in the US labour market, which raised expectations of a rate cut by the US Federal Reserve in 2026. Initial claims for unemployment benefits in the US jumped 22,000 to 231,000 for the week ended Jan. 31. Job openings fell by 386,000 to 6.542 million by the last day of December, the lowest level since September 2020, Reuters reported, citing the Labor Department's Bureau of Labor Statistics in its Job Openings and Labor Turnover Survey. "Labor market weakness would typically strengthen the case for interest rate cuts," ICICI Direct said in a report. 

Investors expect at least two 25-basis-point rate cuts by the Fed in 2026, with the first expected in June, Reuters reported. Typically, gold performs well in a low-interest-rate environment as it is a non-interest-yielding asset.  End

Reported by Reshma Ravi

Edited by Avishek Dutta

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