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Informist, Wednesday, Apr. 8, 2026

By Reshma Ravi

MUMBAI – Gold prices opened higher in the spot market Wednesday, tracking futures contracts on the Multi Commodity Exchange of India and COMEX after US President Donald Trump agreed to suspend bombing and attacks on Iran for two weeks, easing fears of energy-driven inflation, traders said. In Mumbai, gold of 99.9% purity opened at INR 152,068 per 10 grams, up from Tuesday's closing price of INR 147,786 per 10 grams. 

Crude oil prices plunged after the US, Israel, and Iran agreed to a two-week ceasefire, hours before the deadline set by Trump was set to expire. Trump said Washington had agreed to a two-week pause in attacks and received a 10-point proposal from Iran that he described as a workable basis for negotiations. The ceasefire came hours after Trump said the US would wipe out a "whole civilisation" if Iran failed to reopen the Strait of Hormuz by Tuesday night.

After briefly shifting to premiums, dealers have reverted to discounts amid expectations that prices will rise following the ceasefire, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Dealers are offering a discount ranging from INR 2,000 to INR 3,000 per 10 grams, traders said. Jain added that discounts are likely to widen further as prices increase.  End

Edited by Avishek Dutta

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