Spot gold opens higher tracking futures as US-Iran peace talks progress
This story was originally published at 13:36 IST on 22 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 crude oil prices fell after signs of progress in negotiations between Iran and the US. Gold of 99.9% purity opened at INR 146,664 per 10 grams, up from Friday's close of INR 144,970 per 10 grams. In Mumbai, spot gold opened at INR 144,185 per 10 grams. Dealers are offering a discount ranging from INR 800 to INR 2,000 per 10 grams, traders said.
The first round of talks between high-ranking US and Iranian officials in Switzerland ended Monday, with an Iranian foreign ministry spokesperson saying good progress has been made, Reuters reported, citing Iran's Press TV. A joint statement from mediating nations Qatar and Pakistan said the US and Iran agreed to a road map towards a final deal within 60 days.
Progress in US-Iran negotiations, including efforts to ensure safe passage through the Strait of Hormuz despite diplomatic challenges over Lebanon, eased concerns over energy supply disruptions and reduced fears of a broader inflation shock, said Nitin Kedia, national general secretary of the All-India Jewellers & Goldsmith Federation. However, the rise in prices is likely to be capped as hawkish US Federal Reserve signals reinforced expectations that US interest rates will remain elevated for longer, reducing the appeal of non-yielding assets, Kedia added. End
Edited by Avishek Dutta
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