Spot gold opens down as uncertainty over US-Iran peace deal pushes oil up
This story was originally published at 15:06 IST on 1 June 2026
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By Reshma Ravi
MUMBAI – The average spot price of gold in India opened lower on Monday, tracking futures on the Multi Commodity Exchange of India and the COMEX amid rising crude oil prices and uncertainty surrounding the US-Iran peace agreement. Prices came under pressure as market participants cautiously awaited US President Donald Trump's approval of a proposed deal to extend the ceasefire with Iran.
Gold of 99.9% purity opened at INR 155,599 per 10 grams, down from Friday's closing price of INR 156,463 per 10 grams. In Mumbai, spot gold opened at INR 155,433 per 10 grams.
"Although reports suggested that both nations had agreed to extend a ceasefire and ease restrictions on shipping through the Strait of Hormuz, uncertainty remained as US President Donald Trump had yet to formally approve the proposal," Kedia Advisory said in a note. On Friday, Trump had said he would soon decide on a proposed deal to extend the ceasefire with Iran, though the two countries still appeared to differ on significant issues that have been central to the conflict, Reuters reported.
Meanwhile, the US said it struck Iranian military sites over the weekend, while Tehran said it responded by targeting an American base, marking the third known escalation in a week around the Strait of Hormuz, the BBC reported.
Dealers are offering discounts of INR 4,000-INR 8,000 per 10 grams, traders said. In India, gold traded at discounts due to high domestic prices and weaker jewellery demand following higher import duties. The retail demand in India also remained subdued after Prime Minister Narendra Modi urged people to avoid non-essential gold purchases to lower India's import bill and conserve foreign exchange, Kumar Jain, spokesperson for the India Bullion and Jewellers Association, said. End
Edited by Akul Nishant Akhoury
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