Spot gold up tracking futures on weak dollar, hostilities in West Asia
This story was originally published at 15:06 IST on 10 March 2026
Register to read our real-time news.Informist, Tuesday, Mar. 10, 2026
By Reshma Ravi
MUMBAI – The price of gold in the spot market opened higher Tuesday, tracking the rise in futures contracts on the Multi Commodity Exchange of India and COMEX due to a weak dollar, analysts said. Gold prices also rose on firm safe-haven demand due to the continuing military conflict in West Asia.
A weak dollar index is supporting the international gold prices, which in turn is pushing up spot prices, Nitin Kedia, national general secretary of the All India Jewellers & Goldsmith Federation, said.
In Mumbai, the spot price of gold of 99.9% purity opened at INR 160,434 per 10 grams, up from Monday's closing price of INR 158,674 per 10 grams. Dealers are offering a discount of INR 4,000 per 10 grams, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. The rise in gold price has resulted in demand weakening in India. Because of the subdued demand, domestic traders are still offering discounts, he said. If the geopolitical risks continue, spot gold prices are likely to hit a record high of INR 200,000 per 10 grams in the medium term, Jain said.
Meanwhile, US President Donald Trump has threatened to hit Iran "20 times harder" if it stops oil tankers in the Strait of Hormuz, hours after saying the war could end "very soon". "If Iran does anything that stops the flow of oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far," Trump said in a post on Truth Social.
Additionally, Israel and Hezbollah continued to trade fire Tuesday. The toll from Israeli attacks in Lebanon rose to 486, Al Jazeera reported. End
Edited by Rajeev Pai
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