Spot gold down as rise in crude prices spawns spectre of high inflation
This story was originally published at 14:31 IST on 29 April 2026
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By Abhijit Doshi
MUMBAI – Gold prices opened lower in Mumbai's spot market Wednesday, tracking futures contracts on the Multi Commodity Exchange of India and COMEX. The yellow metal was down on a rise in global crude oil prices, which revived fears of rising inflation, traders said.
Gold of 99.9% purity opened at INR 151,700 per 10 grams, down from Tuesday's closing price of INR 152,500 per 10 grams. "The price is level," said Kumar Jain, spokesperson of the India Bullion and Jewellers Association, meaning traders were offering no discounts, nor were they charging any premium.
The stalemate in the attempts to end the war between the US and Iran continued, with US President Donald Trump indicating he would not accept an Iranian proposal submitted over the weekend, which called for ending the war first and lifting the blockade of the Strait of Hormuz, leaving the thornier issues related to Iran's nuclear programme to be settled at a later stage, CNN reported.
Prolonged disruptions in the Strait of Hormuz push energy prices higher, reinforcing inflation concerns, which drive Treasury yields higher, weighing on non-yielding assets such as gold, a Dow Jones Newswires report said.
Gold prices also fell as traders await remarks from US Federal Reserve Chair Jerome Powell later in the day for further insights into the impact of the Iran war on the economy. While Fed officials are widely expected to leave rates unchanged this week, the key question for investors is whether rate cuts have merely been delayed or derailed altogether, Dow Jones said. End
Edited by Rajeev Pai
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