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Informist, Monday, Apr. 20, 2026

By Reshma Ravi

MUMBAI – Gold prices opened lower in the spot market Monday, tracking futures contracts on the Multi Commodity Exchange of India and the COMEX, due to renewed concerns about inflation as crude oil prices rose again on signs of fresh tensions between the US and Iran, traders said. 

On Sunday, US President Donald Trump said the US military had seized an Iranian cargo ship that tried to get through the US blockade of Iranian ports. The US military said it had fired on an Iranian-flagged cargo ship as the vessel sailed toward Iran's Bandar Abbas port.

"We have full custody of their ship, and are seeing what's on board!" Trump wrote on social media platform Truth Social. Meanwhile, Iranian state media said Tehran had refused to participate in the second round of peace talks with the US, citing the ongoing blockade, threatening rhetoric, and Washington's shifting positions and "excessive demands."

In Mumbai, gold of 99.9% purity opened at INR 151,050 per 10 grams, down from Friday's closing price of INR 152,090 per 10 grams, said Nitin Kedia, national general secretary of the All India Jewellers & Goldsmith Federation.

Gold demand during Akshaya Tritiya, considered an auspicious day for starting new ventures and buying gold, was low due to higher prices, said Sagar Kesarwani, national media secretary of the All India Jewellers & Goldsmith Federation. He said gold prices have risen significantly compared to last year. During Akshaya Tritiya in 2025, gold was priced around INR 98,000 per 10 grams. This year, prices have surged to nearly INR 155,000 per 10 grams.

Dealers are not offering discounts on gold rates. However, they are giving exclusive and attractive offers on making charges or some sort of gift, Kesarwani said.

He also highlighted a shift in consumer preference. Since last year's Dhanteras, many retail buyers have increasingly opted for gold coins and bars instead of jewellery as it is easier to liquidate. Gold coins and bars are easier to liquidate than jewellery as purity is guaranteed and there are no making charges, Kesarwani said.  End

Edited by Ashish Shirke

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