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Informist, Wednesday, Mar. 18, 2026

By Reshma Ravi

MUMBAI – Prices of gold in the spot market opened lower on Wednesday as demand was seen weak at higher prices, traders said. In Mumbai, the spot price of gold of 99.9% purity opened at INR 155,525 per 10 grams, down from Tuesday's closing price of INR 155,668 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.

Meanwhile, retail demand, which is seen weak, is likely to increase due to festival buying in the near term, said Nitin Kedia, national general secretary of All India Jewellers & Goldsmith Federation. The demand is likely to increase again during the Navratri festival, Kedia said. 

Additionally, market participants await the US Federal Open Market Committee's meeting decision and its summary of economic projections, which is due later in the day. "The Fed is widely expected to hold rates steady for a second straight meeting when it announces its policy decision later in the day," SMC Global Securities said in a report. The market was expecting a 50 basis point rate cut by the US Fed this year, Kedia said. However, monetary policy easing by the US Federal Reserve dimmed following the surging crude oil prices, which has renewed concerns about inflation, Kedia added.  End

Edited by Akul Nishant Akhoury

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