Spot gold opens lower on inflation risk amid West Asia conflict
This story was originally published at 15:24 IST on 24 April 2026
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By Reshma Ravi
MUMBAI – Gold prices opened lower in the spot market Friday, tracking futures contracts on the Multi Commodity Exchange of India and the COMEX, due to concern over higher inflation caused by rising crude oil prices stemming from the West Asia war. "...prices slipped on growing concerns that soaring energy prices due to conflict in Middle East (West Asia) tend to boost inflation, forcing major central banks across globe to hold rates higher for longer duration," ICICI Direct said in a report.
In Mumbai, gold of 99.9% purity opened at INR 150,664 per 10 grams, down from Thursday's closing price of INR 151,189 per 10 grams. Dealers are offering a discount of INR 2,000 per 10 grams, according to Kumar Jain, spokesperson for the India Bullion and Jewellers Association.
"...ongoing blockage in the Strait of Hormuz, fuelled concerns over rising inflation and monetary tightening across major economies," ICICI said. On Thursday, US President Donald Trump ordered the US military to "shoot and kill" any Iranian boats placing sea mines in the Strait of Hormuz, a move that could jeopardise the fragile ceasefire between the two countries. End
Edited by Akul Nishant Akhoury
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