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Informist, Tuesday, Mar. 17, 2026

MUMBAI – Gold opened higher in the spot market Tuesday, tracking futures contracts on the Muti Commodity Exchange of India and COMEX on dip buying, analysts said. However, the rise in prices could be capped due to fading hopes of a rate cut by the US Federal Reserve following the sharp rise in crude oil prices, which has renewed concern about a rise in inflation, traders said.

In Mumbai, the spot price of gold of 99.9% purity opened at INR 156,042 per 10 grams, up from Monday's closing price of INR 155,714 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.

However, gold prices are unlikely to rise further due to fading hopes of a rate cut by the US Fed. "...inflation concerns due to rising crude oil prices could delay the Fed's interest rate cut and limit upside in prices," ICICI Direct said in a report. US President Donald Trump on Monday repeated his call to nations ‌to help unblock the Strait of Hormuz, and complained that some countries were not very enthusiastic about providing help to Washington. "Some are very enthusiastic about it, and some aren't. Some are countries that we've helped for many, many years. We've protected them from horrible outside sources, and they weren't that enthusiastic. And the level of enthusiasm matters to me," Trump said at an event at the White House. Several US allies said on Monday they had no immediate plans to send ships to unblock the Strait of Hormuz.

Meanwhile, rockets and at least five drones were launched at the US embassy in Baghdad ‌early on Tuesday from areas around the city, Reuters reported, citing Iraqi security sources. They described the attack as the most intense since the start of the US-Israel war with Iran.  End

Reported by Reshma Ravi

Edited by Avishek Dutta

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