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Informist, Friday, May 29, 2026

By Reshma Ravi

MUMBAI – The average spot price of gold in India opened higher Friday as inflation fears eased amid progress in the peace talks between the US and Iran. Gold of 99.9% purity opened at INR 157,043 per 10 grams, up from Wednesday's INR 156,072. In Mumbai, spot gold opened at INR 156,905 per 10 grams. Dealers are offering discounts of INR 1,600-INR 9,000 per 10 grams, traders said.

Prices rose after reports said the US and Iran reached an agreement Thursday to extend their ceasefire and lift restrictions on transit through the Strait of Hormuz, Sagar Kesarwani, national media secretary of the All-India Jewellers & Goldsmith Federation, said. However, the gains were capped as US President Donald Trump had not yet approved the memorandum of understanding that extends the ceasefire for 60 days to allow negotiations on a formal peace deal to continue.

Retail gold demand in India remained subdued ‌as consumers held back on higher prices and import duties, Kumar Jain, spokesperson for the India Bullion and Jewellers Association, said. A Mumbai-based dealer at a private bullion bank told Reuters sentiment was weak after the government raised import duty and jewellers were cautious about accumulating stock.  End   

Edited by Mihika Basu

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