Spot gold opens higher tracking futures as Trump says US may exit Iran soon
This story was originally published at 14:46 IST on 1 April 2026
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By Reshma Ravi
MUMBAI – Gold opened higher in the spot market Wednesday, tracking futures contracts on the Multi Commodity Exchange of India and the COMEX due to prospects of de-escalation in the war in West Asia, after US President Donald Trump suggested the US may leave Iran in a few weeks.
In Mumbai, the spot prices of gold of 99.9% purity opened at INR 149,569 per 10 grams, up from Monday's closing prices of INR 146,145 per 10 grams. Dealers are offering a discount ranging from INR 1,300 to INR 3,000 per 10 grams, traders said. The market was closed Tuesday due to Mahavir Janmakalyanak holiday.
Retail demand for gold is increasing due to wedding-related purchases, said Nitin Kedia, national general secretary of the All India Jewellers & Goldsmith Federation. However, if prices are going to rise in the near term, the demand could slow down again, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association.
Gold prices rose on hope of de-escalation in the war in West Asia, traders said. The US President Donald Trump and his Secretary of State Marco Rubio said the end of the war on Iran could be near, with Washington signalling potential for both direct talks with Tehran's leadership and a winding down of the conflict even without a deal, Reuters reported. "We'll be leaving very soon," Trump said at the White House on Tuesday, adding the exit could take place "within two weeks, maybe two weeks, maybe three," the report said. End
Edited by Akul Nishant Akhoury
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