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Informist, Wednesday, Mar. 11, 2026

 

MUMBAI – Gold prices opened higher in the spot market Wednesday as hostilities in West Asia spurred safe-haven demand for the precious metal, traders said. In Mumbai, the spot price of gold of 99.9% purity opened at INR 161,626 per 10 grams, up from Tuesday's closing price of INR 160,188 per 10 grams. Dealers are offering a discount of INR 2,400 per 10 grams, Nitin Kedia, national general secretary of the All India Jewellers & Goldsmith Federation, said.

 

"Escalating geopolitical tension in the Middle east (West Asia) would fuel safe haven buying in the precious metal," ICICI Direct said in a report. The West Asia conflict has entered its 12th day. The US and Israel pounded Iran with what the Pentagon and the Iranians on the ground called the most intense airstrikes of the war, despite global markets betting that President Donald Trump will seek to end the conflict soon, Reuters reported.

 

Meanwhile, market participants now await the US consumer price index data for February, which is due later in the day, for further cues on the US Federal Reserve's rate cut path. Any sign of rise in inflation would diminish hopes of early rate-cut bets by the Fed, which could restrict major upside in gold, ICICI said.  End

 

Reported by Reshma Ravi

Edited by Ashish Shirke

 

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