Spot gold prices up on uncertain global trade scenario, US-Iran tension
This story was originally published at 15:16 IST on 23 February 2026
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MUMBAI – Spot gold prices rose Monday due to growing global trade uncertainties and rising geopolitical concerns because of tensions between the US and Iran, traders said.
In Mumbai, the spot price of gold of 99.9% purity was INR 158,428 per 10 grams, up from INR 155,066 at close Friday. Demand was on the softer side, with traders charging a premium of INR 200 per 10 grams.
Renewed global trade tensions and heightened economic uncertainty have spawned fresh safe-haven demand for the precious metal, analysts said. The US Supreme Court on Friday struck down many of US President Donald Trump's reciprocal tariffs. Hours later, Trump announced imposition of 10% tariffs, and raised it further to 15% the next day. This has forced many countries to rethink their trade strategies, particularly with the US.
Gold prices also got support as disappointing US advance GDP numbers reignited the odds of an early rate cut by the US Federal Reserve. Meanwhile, steady rise in US core personal consumption expenditures price index and muted physical demand checked its upside, according to a note from ICICI Direct.
"Gold prices rose for a fourth straight session on Monday, extending last week's gains, as U.S. President Donald Trump's fresh global tariffs and a weak dollar lifted bullion's safe-haven demand," Invsting.com said in a note. End
Reported by Abhijit Doshi
Edited by Ashish Shirke
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