Spot gold slightly up amid rising expectations of US Fed rate cut
This story was originally published at 15:24 IST on 10 February 2026
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MUMBAI – Spot gold prices rose slightly on Tuesday amid growing expectations of a rate cut by the US Federal Reserve. Market participants await the latest US non-farm payrolls data and unemployment data on Wednesday for more cues on the Fed's monetary policy path. The data releases were delayed from last week due to the partial government shutdown.
In Mumbai, the spot price of gold of 99.9% purity was INR 155,700 per 10 grams, up slightly from INR 155,593 per 10 grams on Monday, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association.
On Monday, White House Economic Adviser Kevin Hassett said that job growth might decline in the coming months because of slower labour force expansion and increased productivity. "Sentiment was further boosted after San Francisco Fed President Mary Daly described the US labor market as being in a 'precarious' position, indicating that additional rate cuts may be warranted," Kedia Advisory said in a note. Market participants expect at least a 25-basis-point rate cut 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.
Gold premiums in India fell sharply this week from decade-high levels as price volatility deterred buyers. Dealers charged a premium of up to $70 per ounce on domestic gold prices, inclusive of 6% import and 3% sales levies, down from last week's $153 premium, the highest since December 2013, Reuters reported. "Buyers were confused by the price swing this week and had trouble figuring out the bigger price trend," the report quoted a Mumbai-based jeweller as saying. Expectations of a rise in import duty in the Budget lifted gold premiums last week, but they fell as demand slumped, the jeweller added. End
Reported by Reshma Ravi
Edited by Tanima Banerjee
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