Spot gold opens flat amid mixed cues; market remains in search of direction
This story was originally published at 14:31 IST on 8 May 2026
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By Abhijit Doshi
MUMBAI – The price of gold in the spot market was nearly flat in early trade Friday amid nebulous global cues, an elevated US dollar, and a rebound in crude oil prices. The news from the US-Iran war front was not providing any direction to the market. There were signs of an aggravation that could enhance the safe-haven appeal of the precious metal.
Iran launched missiles, drones, and small-boat attacks at US warships near the Strait of Hormuz. In response, the US struck various Iranian military sites. Later, US President Donald Trump was reported to have tried to play down the situation.
Gold of 99.9% purity opened at INR 151,140 per 10 grams, marginally down from INR 151,149 per 10 grams at Thursday's close, according to data from the India Bullion and Jewellers Association Ltd. Traders in Mumbai were offering a discount of INR 3,000 per 10 grams, market sources said.
Going forward, investors are likely to closely monitor the upcoming US employment reports for further clues to the strength of the economy and the US Federal Reserve's monetary policy outlook, Dow Jones said, quoting Bas Kooijman, chief executive officer and asset manager of DHF Capital. End
Edited by Rajeev Pai
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