Spot gold up tracking futures on dip-buying; easing tensions cap gains
This story was originally published at 14:29 IST on 18 February 2026
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MUMBAI – Spot gold prices rose Wednesday, tracking futures contracts on the Multi Commodity Exchange of India and the COMEX due to possible dip-buying after prices fell in the last two sessions, analysts said. However, the rise in prices could be capped due to easing geopolitical tensions.
In Mumbai, the spot price of gold of 99.9% purity was INR 151,963 per 10 grams on Wednesday, up from INR 151,195 per 10 grams on Tuesday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Dealers are offering a discount of INR 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 and retail buyers are still delaying purchases in anticipation of further price correction, Kedia said, adding that the price level of INR 130,000 per 10 grams would encourage buyers to return to the market.
Meanwhile, market participants await minutes of the US Federal Reserve's Open Market Committee's January meeting, due later in the day, for further cues on the Federal Reserve's rate cut path this year. Markets currently expect the Fed to cut interest rates in June. Typically, gold performs well in a low interest rate environment as it is a non-interest yielding asset.
Gold prices are unlikely to rise further amid easing geopolitical uncertainty on progress in US-Iran talks, analysts said. Iran has said it has reached an understanding with the US on the main "guiding principles" to resolve their dispute over Tehran's nuclear programme, the BBC reported. Speaking after indirect talks in Geneva, Iranian Foreign Minister Abbas Araghchi added that work still needed to be done. The US said "progress was made," the report said. End
Reported by Reshma Ravi
Edited by Avishek Dutta
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