Spot gold opens higher tracking futures on hopes of US-Iran peace talks
This story was originally published at 14:57 IST on 16 April 2026
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By Reshma Ravi
MUMBAI – Gold prices opened higher in the spot market Thursday, tracking futures contracts on the Multi Commodity of India and the COMEX, supported by renewed hopes for de-escalation of war, as the US and Iran prepare for another round of peace talks. Hopes for de-escalation in the West Asia conflict have acted as a catalyst for gold prices to rise, primarily as it could cause a weakening in the dollar. A weak dollar boost demand for commodities priced in it.
In Mumbai, gold of 99.9% purity opened at INR 153,305 per 10 grams, up from Wednesday's closing price of INR 152,865 per 10 grams. Dealers are offering a discount ranging from INR 3,000 to INR 5,000 per 10 grams, traders said. Meanwhile, "Physical demand trends were mixed. In India, buying interest improved slightly ahead of Akshaya Tritiya, though high prices capped enthusiasm," Kedia Advisory said in a note.
Prices rose on hope that the war in West Asia could end soon as the US and Iran prepare for another round of peace talks, said Nitin Kedia, national general secretary of the All India Jewellers & Goldsmith Federation. On Wednesday, the White House said that talks regarding a potential second round of peace negotiations with Iran are "ongoing" and "productive". Meanwhile, mediators, including Pakistan, are reportedly working to bring the US and Iran back to the negotiating table as Islamabad hosts diplomatic engagements aimed at extending the fragile ceasefire before it lapses, reports said.
US President Donald Trump Wednesday claimed that the conflict with Iran was "very close to over" even as the blockade tightened. End
Edited by Akul Nishant Akhoury
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