Spot gold up seeking to recover from previous fall but still under pressure
This story was originally published at 15:19 IST on 30 April 2026
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By Abhijit Doshi
MUMBAI – Gold prices opened higher Thursday in Mumbai's spot market, tracking futures contracts on the Multi Commodity Exchange of India and COMEX. The yellow metal was up, seeking to recover from the previous fall brought about by rising global crude oil prices, which revived fears of rising inflation, traders said.
Gold of 99.9% purity opened at INR 154,500 per 10 grams, up from Wednesday's closing price of INR 152,500 per 10 grams. Traders were offering a discount of INR 1,000 per 10 grams, market sources said.
"Gold prices rose from a one-month low in Asian trade on Thursday, but remained under pressure from rising concerns over the U.S.-Iran war and a potentially hawkish outlook for the Federal Reserve," investing.com said in a report.
Gold had tumbled overnight after the Fed held rates as expected Wednesday. But the meeting showed increasing dissent among board members towards the central bank's easing language, it said.
Three of the Fed's 12-member rate-setting board objected to the Fed's easing bias, especially in the face of rising inflationary risks and economic uncertainty from the Iran war.
The development saw traders further scale back expectations of any interest rate cuts by the Fed in 2026. The dollar firmed up Thursday, extending its rise from earlier in the week.
"Dip-buying emerged after a three-day decline," Dow Jones Newswires said, quoting Soojin Kim from MUFG. However, "rising Treasury yields further pressured gold, while the ongoing Middle East (West Asia) conflict, now in its ninth week, continues to fuel inflation risks through elevated energy prices and the near-total shutdown of the Strait of Hormuz." End
Edited by Rajeev Pai
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