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Informist, Tuesday, Apr. 7, 2026

By Reshma Ravi

MUMBAI – Gold prices opened lower in the spot market Tuesday as market participants stayed cautious ahead of a deadline set by the US President Donald Trump for Iran to reopen the Strait of Hormuz, traders said. In Mumbai, gold of 99.9% purity opened at INR 147,489 per 10 grams, marginally down from Monday's closing prices of INR 148,899 per 10 grams. 

On Sunday, Trump intensified pressure on Iran, threatening in a social media post to target Iran's power plants and bridges on Tuesday if the strategic Strait of Hormuz was not reopened. He warned of fresh strikes unless Iran reopens the Strait of Hormuz by Tuesday. Iran Monday said it wanted a lasting end to the war with the US and Israel, and pushed back against pressure to reopen the Strait of Hormuz, while Trump warned that the country could be "taken out" if it did not meet his Tuesday night deadline to reach a deal.

India is witnessing a shift toward premiums in the spot gold market, driven by increased buying interest following a decline in prices, said Nitin Kedia, National General Secretary of the All India Jewellers & Goldsmith Federation. He noted that demand has also picked up at the wholesale level amid festival purchases ahead of Akshaya Tritiya, which is on Apr. 19. As a result, dealers are currently charging a premium of INR 2,000 per 10 grams over prevailing gold prices.  End

Edited by Akul Nishant Akhoury

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