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Informist, Monday, Apr. 27, 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, as stalled US-Iran negotiations and rising crude oil prices kept inflation concerns elevated, traders said. In Mumbai, gold of 99.9% purity opened at INR 150,917 per 10 grams, down from Friday's closing price of INR 151,479 per 10 grams, said Nitin Kedia, national general secretary of the All-India Jewellers & Goldsmith Federation.  

On Saturday, US President Donald Trump said that Washington had cancelled plans to send a team to Pakistan for negotiation with their Iranian counterparts. Steve Witkoff and Jared Kushner were to take part in a second round of talks with Iran. The cancellation came after Iran said it would not be attending any direct talks while the US blockaded all shipping to or from the Islamic Republic. Ongoing blockage in the Strait of Hormuz fuelled worries about inflation, raising concerns about a hike in interest rates by central banks, Nitin Kedia said. 

Dealers are offering a discount of INR 2,000 per 10 grams, according to Kumar Jain, spokesperson for the India Bullion and Jewellers Association. In India, retail demand is still subdued due to elevated prices, and it is traditionally the off season for consumption, Jain added.  End

Edited by Akul Nishant Akhoury

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