More Stories

Informist, Monday, Mar. 9, 2026

 

By Reshma Ravi

 

MUMBAI – Gold prices in the spot market opened higher Monday due to persistent hostilities in West Asia. However, traders noted that the price increase has led to weaker gold demand in India.

 

Despite subdued demand from Indian consumers, domestic traders are still offering discounts on gold, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Dealers are offering a discount of INR 4,000 per 10 grams, Jain said. In Mumbai, the spot price of gold of 99.9% purity opened at INR 161,374 per 10 grams, up from Friday's closing price of INR 158,751 per 10 grams.

 

"Persisting Middle East (West Asia) volatility and global trade frictions remain primary catalysts for price support," ICICI Direct said in a report. The US and Israel continue to strike Iran, with explosions reported in Qom and Tehran, hours after Israeli attacks on oil facilities led to toxic smoke across the Iranian capital, Al Jazeera reported.

 

On Sunday, Mojtaba Khamenei was elected as the new supreme leader by the Assembly of Experts to succeed his father Ayatollah Ali Khamenei, state media reported. Ayatollah Ali Khamenei was killed in the first wave of US-Israel strikes on Iran on Feb. 28, which began the military conflict in the region. 

 

Demand for gold may pick up after March if the hostilities in West Asia end and prices fall, Jain said. However, if the conflict continues, demand will remain very weak. He added that a price level of INR 150,000 per 10 grams would likely encourage buyers to return to the market.  End

 

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.