Spot gold down as futures ease on waning hope of rate cut by US Fed
This story was originally published at 14:18 IST on 13 March 2026
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By Reshma Ravi
MUMBAI – Prices of gold in the spot market opened lower Friday, tracking losses in futures contracts on the Multi Commodity Exchange of India and the COMEX as prospects of monetary policy easing by the US Federal Reserve dimmed following the sharp rise in crude oil prices, which has renewed concerns about inflation, traders said.
In Mumbai, the spot price of gold of 99.9% purity opened at INR 158,555 per 10 grams, down from Thursday's closing price of INR 159,624 per 10 grams. Dealers are offering a discount of INR 4,000 per 10 grams, said Kumar Jain, spokesperson for India Bullion and Jewellers Association.
"Geopolitical tensions between the US, Israel, and Iran, fuelled expectations of higher oil prices, further amplifying inflation fears," Kotak Securities said in a report. On Tuesday, Iran's Supreme Leader Ayatollah Mojtaba Khamenei said Tehran will keep the strategic Strait of Hormuz shut as leverage against the US and Israel. Khamenei said the country would take revenge for its citizens killed by the US and Israel since the first strike from those countries on Feb. 28. The aim was to extract compensation equal to the damage suffered by Iran or destroy an equivalent amount of assets of the aggressors, Khamenei said.
US data, including the Job Openings and Labor Turnover Survey for January and a preliminary reading of consumer confidence for March, is due Friday. The data and developments in the West Asia conflict are being closely watched of the US Federal Open Market Committee meeting and its summary of economic projections next week. End
Edited by Akul Nishant Akhoury
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