Spot gold opens higher amid continuing hostilities in West Asia
This story was originally published at 14:26 IST on 6 March 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 amid the continuing military hostilities in West Asia. Meanwhile, due to an increase in prices, demand for gold has eased in India, traders said.
In Mumbai, gold of 99.9% purity opened at INR 161,919 per 10 grams, up from Thursday's closing price of INR 160,586 per 10 grams. Dealers are offering a discount of INR 900 per 10 grams on spot gold prices, Nitin Kedia, national general secretary of the All India Jewellers & Goldsmith Federation, said.
US President Donald Trump said Iran is being demolished "ahead of schedule and at levels people have never seen before", claiming the country now has "no air force, no air defence" and the air force is "gone", Al Jazeera reported. Secretary of Iran's Supreme National Security Council Ali Larijani said Iranian forces are "waiting" for any US ground invasion and are ready to "disgrace those corrupt American officials by killing and capturing thousands", as per the report.
However, the rise in spot gold prices is likely to be capped by fading expectations of a rate cut by the US Federal Reserve. "While the ongoing Middle East conflict boosted demand for safe-haven assets, it also sent oil prices surging, raising inflation concerns and prompting traders to scale back bets on Federal Reserve rate cuts," ICICI Direct said in a report. End
Edited by Rajeev Pai
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