Spot gold up tracking futures as dovish remarks lead to Fed rate cut hopes
This story was originally published at 14:30 IST on 9 February 2026
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MUMBAI – Spot gold prices rose on Monday, tracking futures contracts on the Multi Commodity Exchange of India and the COMEX. Prices rose due to increasing expectation of a rate cut by the US Federal Reserve, supported by dovish comments from the San Francisco Fed President Mary Daly, analysts said.
In Mumbai, the spot price of gold of 99.9% purity was INR 155,593 per 10 grams, up from INR 151,489 per 10 grams on Friday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. Dealers are charging a premium of INR 2,000 per 10 grams on gold prices, Jain said.
On Friday, the San Francisco Federal Reserve President Mary Daly said she thinks one or two more interest rate cuts may be needed to counteract weakness in the labour market, Reuters reported. Investors expect at least two 25-basis-point rate cuts in 2026, with the first one expected in June. Typically, gold performs well in a low-interest-rate environment as it is a non-interest-yielding asset.
Initial claims for unemployment benefits in the US jumped 22,000 to 231,000 in the week ended Jan. 31. Job openings fell by 386,000 to 6.542 million by the last day of December, the lowest level since September 2020, Reuters reported, citing the Labor Department's Bureau of Labor Statistics in its Job Openings and Labor Turnover Survey.
Market participants await the January US nonfarm payrolls data on Wednesday for more cues on the Fed's monetary policy path. The data were delayed from last week due to a four-day partial government shutdown that has ended since.
However, the gains in prices could be limited due to easing geopolitical tensions between the US and Iran, denting their safe-haven appeal for gold, analysts said. Iran President Masoud Pezeshkian has called on the US to respect his country as the two nations look ahead to another round of nuclear negotiations next week following mediated discussions in Oman, Al Jazeera reported. Pezeshkian described the indirect talks held in Oman on Friday as a "step forward" and said his administration favours dialogue, the report said. End
Reported by Reshma Ravi
Edited by Akul Nishant Akhoury
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