Spot Gold
Spot gold opens lower tracking MCX, COMEX; demand subdued at higher levels
This story was originally published at 16:24 IST on 15 May 2026
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By Taniva Singha Roy
MUMBAI – Gold prices in the spot market opened lower on Friday, tracking futures contracts on the Multi Commodity Exchange of India and the COMEX. Spot gold prices also moderated because of subdued demand at higher rates, traders said.
Gold of 99.9% purity opened at INR 158,159 per 10 grams in Mumbai, down INR 3,000 from Thursday's close, according to data from the India Bullion and Jewellers Association Ltd. "Prices fell as there was limited buying at higher prices," Kumar Jain, spokesperson for the India Bullion and Jewellers Association, said. Traders were offering a discount of INR 8,000 per 10 grams, he said.
Gold prices had increased sharply in the previous two consecutive sessions after the government increased the import duty on gold and silver to 15% from 6% on Tuesday, in a bid to curb imports of the precious metals. However, the demand was subdued at higher levels.
Prime Minister Narendra Modi on Sunday urged people to reduce fuel consumption and avoid non-essential gold purchases to lower India's import bill and conserve foreign exchange. This also had some impact on the demand for gold domestically, Jain said. "Pressure on bullion also emerged after stronger-than-expected US economic data reinforced expectations that the Federal Reserve may keep interest rates elevated for longer," Amit Gupta, analyst at Kedia Advisory, said in a note. US import and export prices recorded their sharpest monthly increase since March 2022, driven by rising fuel import costs and higher non-agricultural export prices. End
Edited by Saji George Titus
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