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Informist, Tuesday, Mar. 24, 2026

 

By Reshma Ravi

 

MUMBAI – Gold opened slightly lower in the spot market Tuesday as inflation fears persisted because of the military conflict in West Asia, traders said. In Mumbai, the spot price of gold of 99.9% purity opened at INR 139,513 per 10 grams, down slightly from Monday's closing price of INR 139,569 per 10 grams. Dealers are offering a discount of INR 3,000-INR 4,000 per 10 grams, traders said.

 

Meanwhile, retail demand, which was seen down, is likely to jump in April on festival-related and wedding purchases, a Mumbai-based jeweller said. Gold jewellery buying is likely to jump because of Akshaya Tritiya. "...this day is the most auspicious for a Hindu wedding," the jeweller said. Particularly, wedding-related demand from rural areas is expected to rise, he said.

 

Gold futures fell Monday as inflation concerns persisted, with Iran denying holding talks with the US. Monday, US President Donald Trump had claimed that the US and Iran had held talks on the "complete and total resolution of hostilities" in West Asia. Trump said he had ordered the US military to postpone strikes against Iranian power plants for five days following "productive conversations" with Tehran. "I AM PLEASE TO REPORT THAT THE UNITED STATES OF AMERICA, AND THE COUNTRY OF IRAN, HAVE HAD, OVER THE LAST TWO DAYS, VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST," Trump said in a post on social media. 

 

However, the speaker of Iran's parliament posted on social media that no ‌talks had been held with the US, contradicting Trump's announcement. Trump had said Saturday he would "obliterate" Iran's power plants if Tehran failed to reopen the Strait of Hormuz within 48 hours. To this, Iran responded by threatening to target energy infrastructure and desalination facilities in the Persian Gulf region.  End

 

Edited by Rajeev Pai

 

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