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Informist, Thursday, Apr. 2, 2026

By Reshma Ravi

MUMBAI – Gold prices opened lower in the spot market Thursday tracking futures contracts on the Multi Commodity Exchange of India and the COMEX after US President Donald Trump said the country's military actions in Iran would continue in the coming weeks, traders said. This raised concerns over inflation, which further reduced expectations of an interest rate cut by the US Federal Reserve this year.

In Mumbai, the spot prices of gold of 99.9% purity opened at INR 145,507 per 10 grams, down from Wednesday's closing price of INR 150,853 per 10 grams. Dealers are offering a discount of INR 1,000 per 10 grams, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association.

Retail demand for gold in India, which was rising due to wedding and festival-related purchases, has begun to slow down due to volatility in prices, Jain said. The prices are going to be volatile in the near term due to the West Asia conflict, Jain added.

"We will continue until our objectives are fully achieved. Thanks to the progress we've made, I can say we are on track to complete all of America's objectives shortly, very shortly," Al Jazeera quoted Trump as saying. "We are going to hit them extremely hard over the next two to three weeks. We are going to take them back to the stone ages where they belong," he said.  End

Edited by Ashish Shirke

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