Gold Prices
Spot gold opens higher amid trade uncertainty, geopolitical tensions
This story was originally published at 14:17 IST on 26 February 2026
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MUMBAI – Spot gold opened higher on Thursday as global trade uncertainties and rising geopolitical risks increased the safe haven appeal of the yellow metal, analysts said.
In Mumbai, the spot price of gold of 99.9% purity opened at INR 159,043 per 10 grams, up from INR 159,008 at Wednesday's close, said Kumar Jain, spokesperson for India Bullion and Jewellers Association. Dealers are offering a discount of INR 3,500 per 10 grams on spot gold prices, Nitin Kedia, national general secretary of All India Jewellers & Goldsmith Federation, said. Though retail demand has started to improve, it remains subdued even as the wedding season is underway, Kedia said.
Market participants await the outcome of a meeting between the US and Iran officials on Thursday, as uncertainty surrounding the talks is keeping markets on the edge, analysts said. Iran and the US are scheduled to hold the latest round of talks in Geneva, aimed at resolving their longstanding nuclear dispute and averting new US strikes on Iran following a large-scale military buildup, Reuters reported.
Meanwhile, ongoing uncertainty over tariffs has boosted demand for safe-haven assets such as precious metals. After the US Supreme Court struck down most tariffs imposed by him in 2025, President Donald Trump imposed a baseline 10% tariff on all US imports for 150 days which came into effect Tuesday. Trump also threatened to raise the baseline tariff to 15%, but is yet to sign an executive order to implement the higher rate.
"This aggressive trade stance, combined with escalating US-Iran geopolitical tensions, has reignited gold's classic safe-haven appeal," ICICI Direct said in a report. End
Reported by Reshma Ravi
Edited by Vandana Hingorani
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