Spot gold down on dim hopes of Fed rate cut; geopolitical risks limit losses
This story was originally published at 14:10 IST on 13 February 2026
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MUMBAI – Spot gold prices fell Friday due to fading expectations of a rate cut by the US Federal Reserve. However, the fall in prices was limited due to lingering geopolitical tensions between the US and Iran, analysts said.
In Mumbai, the spot price of gold of 99.9% purity was INR 152,751 per 10 grams, down from INR 156,147 per 10 grams on Thursday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Dealers are charging a premium of INR 1,500 per 10 grams on gold prices, Jain said.
Stronger-than-expected January US jobs data dented expectations of near-term interest rate cuts by the US Federal Reserve. Data on Wednesday showed US jobs growth unexpectedly accelerated in January. Employers created 130,000 jobs in January, exceeding the 70,000 jobs projected by economists surveyed by Reuters. The unemployment rate declined to 4.3% in January from 4.4% in December, data showed. "Recent batch of economic data from US showed resilience in labor market giving space for US Federal Reserve to keep rates steady in near term," ICICI Direct said in a report.
Gold prices are unlikely to fall further due to geopolitical uncertainty between the US and Iran, Nitin Kedia, national general secretary of All India Jewellers & Goldsmith Federation, said. Though diplomatic talks between the US and Iran are reportedly ongoing, the US' repeated mention of military consequences if the deal with Iran doesn't go through is keeping the market on edge. On Thursday, US President Donald Trump said that Iran would face a "very traumatic" moment if it doesn't make a deal with the US within the next month, the New York Post reported.
"We have to make a deal, otherwise it's going to be very traumatic, very traumatic," Trump told reporters at the White House a day after meeting privately with Israeli Prime Minister Benjamin Netanyahu. "They should have made a deal the first time. They got Midnight Hammer instead, and this will be very traumatic for Iran," the report quoted Trump as saying. End
Reported by Reshma Ravi
Edited by Tanima Banerjee
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