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Informist, Wednesday, Jun. 3, 2026

By Reshma Ravi

MUMBAI – Average spot prices of gold in India opened lower on Wednesday, tracking futures on the Multi Commodity Exchange of India and COMEX, as renewed hostilities in West Asia pushed crude oil prices higher, cementing fears about inflation and prospects of interest rate hikes, traders said.

The US military says it has launched "self-defence" strikes on Iran and shot down ballistic missiles and drones fired at ships and Gulf countries, the BBC reported. Iran said it attacked US bases and helicopters in a "regional country" using missiles and drones in retaliation. The latest attacks come amid stalled ceasefire negotiations, after talks on a deal to end the months-long war failed to advance over the weekend. "Resumption of military strikes at a time when diplomatic talks between the US and Iran remained stalled will sustain heightened anxiety," ICICI Direct said in a report. 

Gold of 99.9% purity opened at INR 155,264 per 10 grams, down from Tuesday's closing price of INR 156,294 per 10 grams. In Mumbai, spot gold opened at INR 154,991 per 10 grams. Prices also fell as market participants cautiously await the US non-farm payrolls report due on Friday, which could provide further direction on the Federal Reserve's monetary policy outlook, traders said. 

Meanwhile, discounts on gold in India have widened further as demand remains weak, according to Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Dealers are offering a discount ranging from INR 6,000 to INR 12,000 per 10 grams, traders said. Jain attributed the subdued retail demand due to elevated gold prices and import duties.

Jewellery stores are seeing very few customers these days. Retail buyers are finding it difficult to understand price trends and are preferring to stay on the sidelines, Jain added.  End

Edited by Avishek Dutta

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