Spot gold prices down Monday on persistent stalemate in West Asia war
This story was originally published at 14:10 IST on 4 May 2026
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By Abhijit Doshi
MUMBAI – Prices of gold in the spot market in Mumbai opened lower Monday, tracking a fall in futures on the Multi Commodity Exchange of India and COMEX due to the persistent stalemate between the US and Iran over the West Asia war, traders said. The energy crisis caused by the closure of the Strait of Hormuz has raised the spectre of inflation, bringing down demand for the yellow metal, they said.
Gold of 99.9% purity opened at INR 152,800 per 10 grams, down from INR 154,500 per 10 grams on Thursday. Traders were offering a discount of INR 1,500 per 10 grams, market sources said. Friday was a holiday on account of Maharashtra Day.
Geopolitical uncertainties also clouded the outlook for monetary policy, noted Dow Jones. "High energy prices continue to raise the chances of interest rates remaining high for the foreseeable future," it said, quoting analysts at ANZ Research.
Trade was thin on Monday as markets in China, Japan and the UK were closed for public holidays, damping liquidity. End
Edited by Avishek Dutta
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