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Informist, Tuesday, May 19, 2026

By Reshma Ravi

MUMBAI – Gold prices in the spot market opened higher on Tuesday, tracking futures contracts on the Multi Commodity Exchange of India and the COMEX amid signals of progress in the peace deal between the US and Iran, which eased some concerns of a rise in inflation. Gold of 99.9% purity opened at INR 158,907 per 10 grams in Mumbai, up from Monday's closing of INR 157,739, according to data from the India Bullion and Jewellers Association Ltd.

Meanwhile, in India, gold demand remained weak after import duties on gold and silver were increased to 15% from 6%, traders said. The demand is also weak as consumers are avoiding buying gold after Prime Minister Narendra Modi urged people to avoid non-essential gold purchases to lower India's import bill and conserve foreign exchange, traders added. 

Amid the increase in import duty, discounts on spot gold prices have surged, a Mumbai-based jeweller said. Dealers are offering discounts of INR 3,000 – INR 10,500 per 10 grams, traders said. 

Gold prices rose after the US President Donald Trump called off an attack on Iran planned for Tuesday at the request of Gulf states as "serious negotiations are now taking place," Nitin Kedia, national general secretary of the All-India Jewellers & Goldsmith Federation, said. Prices also rose due to the record low rupee, Kedia added.  End

Edited by Akul Nishant Akhoury

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