Spot gold opens higher on global trade uncertainty, geopolitical tensions
This story was originally published at 14:28 IST on 27 February 2026
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By Reshma Ravi
MUMBAI – Spot gold prices opened higher Friday, tracking futures contracts on the Multi Commodity Exchange of India and COMEX. Prices rose as heightened trade and geopolitical uncertainty increased the yellow metal's safe-haven appeal, analysts said.
After the US Supreme Court struck down most tariffs imposed by President Donald Trump in 2025, he imposed baseline 10% tariff on all imports for 150 days, effective Tuesday. Wednesday, US Trade Representative Jamieson Greer said the tariff rate for some countries will rise to 15% or higher from 10%, without naming any specific trading partners or giving details.
In Mumbai, the spot price of gold of 99.9% purity opened at INR 159,087 per 10 grams, up from INR 158,022 at Thursday's close, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Traders are offering a discount of INR 4,500 per 10 grams, he said.
Meanwhile, gold edged higher as market participants analyse the outcome of the third round of US-Iran talks over Tehran's nuclear programme. The latest round ended Thursday without a deal, analysts said. The US and Iran made progress in the talks, but hours of negotiation ended with no sign of a breakthrough that could avert potential US strikes amid a massive military buildup in the Persian Gulf, Reuters reported.
"Continued military buildup in the Middle East (West Asia) and the March 1–6 deadline for U.S.–Iran nuclear talks are keeping safe-haven demand elevated," ICICI Direct said in a report. End
Edited by Rajeev Pai
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