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Informist, Tuesday, May 12, 2026

By Taniva Singha Roy

MUMBAI – Gold prices in the spot market opened higher Tuesday, as demand improved, traders said. Prices also rose, tracking higher prices on the Multi Commodity Exchange of India. Moreover, as the rupee hit a record low of 95.7250 a dollar, the fall in the price of gold in the international market was offset, Nitin Kedia, national general secretary of the All-India Jewellers & Goldsmith Federation, said. 

In Mumbai, gold of 99.9% purity opened at INR 151,954 per 10 grams, up from Monday's closing price of INR 150,362 per 10 grams. Dealers are offering a discount of INR 4,600 per 10 grams, according to Kumar Jain, spokesperson for the India Bullion and Jewellers Association. "Spot gold prices rose despite lower international prices as demand improved," Jain said.

But the gains could be limited as chances of a ceasefire between Iran and the US are fading, which is fuelling risk of higher inflation due to rising crude oil prices.

US President Donald Trump has said the month-long ceasefire between the US and Iran is on massive life support. He said on Monday that while the ceasefire remained in place, it was "unbelievably weak." Following Trump's comments, Iranian parliamentary speaker Mohammad Ghalibaf wrote on X that Iran's armed forces were, "ready to respond and to teach a lesson for any aggression."  End

Edited by Avishek Dutta

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