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Informist, Tuesday, Apr. 28, 2026

 

By Reshma Ravi

 

MUMBAI – Gold prices opened lower in the spot market of Mumbai on Tuesday tracking futures contracts on the Multi Commodity Exchange of India and the COMEX as high crude oil prices kept inflation concerns alive, traders said. Gold of 99.9% purity opened at INR 149,557 per 10 grams, down from Monday's closing price of INR 151,186 per 10 grams.

 

US President Donald Trump has expressed his displeasure over the latest Iranian proposal to end the war in West Asia, which has dampened hopes for a resolution to the conflict that has disrupted energy supplies and fuelled inflation, said Nitin Kedia, national general secretary of the All-India Jewellers & Goldsmith Federation. Trump is not satisfied with Iran's latest proposal as it doesn't say anything about nuclear weapons or Iran's enriched uranium stockpile, media reports said citing sources.

 

"...prices may slip as investors are worried that stalled peace talk between US and Iran may trigger a renewed escalation in Middle East, possibly delaying long-term diplomatic resolution," ICICI Direct said in a report.

 

Dealers are offering a discount of INR 1,000 per 10 grams, according to Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Retail demand in India remains subdued, as this period is traditionally considered an off-season for gold purchases, and this trend is expected to continue till the end of next month, Jian added.

 

"In the coming years, a mix of traditional gold purchases and "new age" investment products such as digital gold and ETFs (exchange traded funds) will exist," Colin Shah, managing director of Kama Jewelry, said in a note. "This development is largely driven by the shift in buying behaviour towards purpose buying. Likewise, the future of gold is a combination of its traditional use as jewellery and emerging financial product," Colin said.  End

 

Edited by Ashish Shirke

 

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