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Informist, Tuesday, Feb. 17, 2026

 

MUMBAI – Spot gold prices fell Tuesday tracking futures contracts on the Multi Commodity Exchange of India and the COMEX due to thin trading as major markets are shut for public holidays, analysts said. China and many other Asian countries' markets are shut Tuesday for Lunar New Year celebrations. Markets in the US were closed on Monday for Presidents' Day. Prices were also down due to easing geopolitical tensions.

 

In Mumbai, the spot price of gold of 99.9% purity was INR 151,195 per 10 grams on Tuesday, down from INR 154,080 per 10 grams on Monday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Dealers are offering a discount of INR 1,750 per 10 grams on spot gold prices, Nitin Kedia, national general secretary of All India Jewellers & Goldsmith Federation, said. Spot gold demand is very low despite the discounts, but it is expected to pick up around Holi, which is on Mar. 3, Kedia said.

 

Easing geopolitical tensions are also weighing on gold prices. On Monday, US President Donald Trump said he would be involved "indirectly" in talks between Iran and the US over Tehran's nuclear programme set for Tuesday in Geneva, adding he believed Tehran wanted to make a deal, Reuters reported. Meanwhile, representatives of Ukraine and Russia will meet in Geneva on Tuesday and Wednesday for a fresh round of US-mediated peace talks that the Kremlin says will likely focus on territory. 

 

"...recent batch of economic data from US painted mixed picture for Federal Reserve interest rate cut, as US job data signaled stabilizing labor market while CPI data showed inflation increased less than expected," ICICI Direct said in a report. The market is awaiting the release of minutes of the US Federal Reserve's January meeting, due on Wednesday, for more cues on the central bank's rate-cut path.  End

 

Reported by Reshma Ravi

Edited by Vandana Hingorani

 

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