Spot gold up tracking gains in futures, firm safe-haven demand supports
This story was originally published at 14:57 IST on 19 February 2026
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MUMBAI – Spot gold prices rose Thursday, tracking gains in futures gold contracts on the Multi Commodity Exchange of India and the COMEX. Gold prices rose as lingering geopolitical tensions between the US and Iran raised the demand for the safe-haven asset, analysts said. However, fading expectations of a rate cut by the US Federal Reserve could cap price gains.
In Mumbai, the spot price of gold of 99.9% purity was INR 154,735 per 10 grams on Thursday, up from INR 151,963 per 10 grams Wednesday, 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, Jain said.
"In physical markets, gold traded at discounts in India for the first time in nearly a month, with dealers offering up to $12 per ounce (1 ounce = 31.1 grams) below official prices as volatility curbed retail buying," Kedia Advisory said in a note.
The White House has warned Iran would be "very wise" to make a deal with the US, amid reports that US President Donald Trump is weighing fresh military action against the Islamic Republic, the BBC reported. On Wednesday, Trump discussed attack options with advisers and said that a US strike could take place as early as Saturday, though Trump has not yet made a final decision, the report said.
Gold prices are unlikely to rise further due to uncertainty about the US Federal Reserve's monetary policy, as minutes of the Federal Open Market Committee's January meeting indicated a split among officials, with several participants considering rate hikes if inflation stayed high, and others favouring additional cuts if inflation fell as anticipated. Market participants are now focused on US weekly jobless claims data, due later in the day, and US Personal Consumption Expenditures report on Friday. End
Reported by Reshma Ravi
Edited by Tanima Banerjee
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