India spot gold opens higher as US-Iran peace deal eases inflation fears
This story was originally published at 14:13 IST on 15 June 2026
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By Reshma Ravi
MUMBAI – Average spot gold prices in India opened higher on Monday, tracking futures on the Multi Commodity Exchange of India and COMEX as the US and Iran reached an interim peace deal, which lowered crude oil prices and eased fears about further rise in inflation. Gold of 99.9% purity opened at INR 150,169 per 10 grams, up from Friday's closing price of INR 147,800 per 10 grams. In Mumbai, spot gold opened at INR 154,704 per 10 grams.
Gold prices rose after the US and Iranian officials said that they had agreed on a framework to end the conflict, lift the US blockade of Iran, and reopen the Strait of Hormuz. The Secretariat of Iran's Supreme National Security Council said the deal with the US includes the immediate suspension of hostilities on all fronts, including Lebanon, and an end to the US's naval blockade on Iranian ports. Pakistani Prime Minister Shebaz Sharif said the peace deal would be signed in Switzerland on Friday.
Dealers are offering a discount of about INR 500 per 10 grams, said Nitin Kedia, national general secretary of the All-India Jewellers & Goldsmith Federation. Gold prices are likely to rise in the near term as the US and Iran reached an interim deal to end hostilities and reopen the Strait of Hormuz, Kedia said. Meanwhile, traders' attention is now towards US Federal Reserve policy decisions and remarks in the first meeting under Chair Kevin Warsh, on Wednesday, Kedia added. End
Edited by Avishek Dutta
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