Spot gold dn tracking futures as market remains cautious amid West Asia war
This story was originally published at 14:38 IST on 27 May 2026
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By Reshma Ravi
MUMBAI – Average gold spot prices in India opened lower on Wednesday, tracking futures on the Multi Commodity Exchange of India and the COMEX as market participants remained cautious amid ongoing tensions between the US and Iran. Gold of 99.9% purity opened at INR 157,040 per 10 grams, down from Tuesday's INR 157,611 per 10 grams. In Mumbai, spot gold opened at INR 156,770 per 10 grams.
On Tuesday, Iran said the US had violated a ceasefire by striking targets near the contested Strait of Hormuz, potentially complicating efforts to bring the war to a close. Further straining peace efforts, Israel pounded Lebanon with more than 120 air strikes on Tuesday in one of the heaviest days of bombing in weeks, Reuters reported, quoted Lebanese security sources.
Meanwhile, the US Secretary of State Marco Rubio said it could take "a few days" to negotiate a deal to halt the conflict, after the US and Iran had previously indicated progress on an initial agreement that would end hostilities and restart shipping through the Strait.
Escalating uncertainty surrounding US-Iran peace negotiations is increasing concerns over inflation, Kedia Advisory said in a note. "Federal Reserve Governor Christopher Waller also supported removing the "easing bias" from policy guidance, signalling a preference to maintain higher rates until inflation moves closer to the Fed's 2% target," it said.
Physical demand trends in India remained subdued, Nitin Kedia, national general secretary of the All-India Jewellers & Goldsmith Federation, said. In India, dealers are offering discounts of INR 7,000 per 10 grams as high prices and increased import duties curbed jewellery demand, Kedia said. End
Edited by Avishek Dutta
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