India spot gold down as market cautiously awaits details of US-Iran deal
This story was originally published at 14:02 IST on 16 June 2026
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By Reshma Ravi
MUMBAI – Average spot gold prices in India opened lower on Tuesday, tracking futures on the Multi Commodity Exchange of India and the COMEX as market participants cautiously awaited details of the US-Iran peace deal. Gold of 99.9% purity opened at INR 150,094 per 10 grams, down from Monday's close of INR 150,646 per 10 grams. In Mumbai, spot gold opened at INR 149,783 per 10 grams.
The US and Iran have signed a framework agreement, ending their months-long war, but neither side had published the full text of the deal and on Monday, American and Iranian officials continued to make conflicting statements about its terms, The New York Post reported.
The framework agreement appears to contain two parts — terms for an immediate 60-day ceasefire, and plans for negotiations in that time on a long-term peace deal. But when it comes to what is, or might be, in each of those categories, little has been revealed so far. The text of the short-term agreement hasn't been released yet, and the long-term one doesn't exist yet, The New York Post reported.
Dealers offered discounts of up to INR 1,500 per 10 grams, significantly narrower than the previous week's discounts of up to INR 10,000 per 10 grams, said Nitin Kedia, national general secretary of the All-India Jewellers & Goldsmith Federation. "Physical demand trends were mixed across major consuming regions," Kedia Advisory said in a note. "In India, jewellery demand improved marginally as lower prices encouraged selective buying, although overall sentiment remained cautious," it added. End
Edited by Avishek Dutta
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