More Stories

Informist, Tuesday, May 5, 2026

 

By Abhijit Doshi

 

MUMBAI – Prices of gold in the spot market opened higher Tuesday as the market witnessed renewed demand after Monday's sell-off, traders said. Prices of the yellow metal were marginally up on the Multi Commodity Exchange of India as also on the COMEX.

 

Gold of 99.9% purity opened at INR 148,946 per 10 grams, up from 147,815 per 10 grams on Monday. Traders were offering a discount of INR 1,000 per 10 grams, market sources said.

 

Gold prices rose amid continuing uncertainty as crude prices remained high, leading to fears of rising inflation, said a few traders. Brent crude continued to trade above $106 per barrel.

 

The US military said on Monday it destroyed six ‌Iranian small boats and intercepted Iranian cruise missiles and drones as Tehran sought to thwart a new US naval effort to open shipping through the Strait of Hormuz. This resulted in heightened uncertainty about the ceasefire in the US-Iran war.  

 

"Investors stepped in to buy after a recent selloff triggered by renewed Middle East tensions," Soojin Kim from MUFG told Dow Jones. Still, "the surge in oil prices and rising US Treasury yields, driven by expectations that the Fed may need to raise interest rates, continue to weigh on non-yielding gold."  End

 

US$1 = INR 95.39

 

Edited by Vandana Hingorani

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.