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Informist, Tuesday, Jun. 2, 2026

By Reshma Ravi

MUMBAI – Average spot prices of gold in India opened higher on Tuesday, tracking futures on the Multi Commodity Exchange of India and the COMEX, amid the partial ceasefire between Hezbollah and Israel, traders said. On Monday, Lebanon announced a partial ceasefire between Hezbollah and Israel, in what would amount to a limited de-escalation of a conflict that has killed thousands of people and inflamed the broader war with Iran.

Gold of 99.9% purity opened at INR 156,296 per 10 grams, up from Monday's closing price of INR 155,536 per 10 grams. In Mumbai, spot gold opened at INR 156,700 per 10 grams.    

Prices also rose as the rupee fell sharply against the dollar, Nitin Kedia, national general secretary of All India Jewellers & Goldsmith Federation, said. However, the uncertainty around US-Iran peace talks, along with inflation fears and prospects of interest rate hikes, is likely to cap the rise in gold prices, Kedia said. Typically, higher interest rates dim the appeal of the non-interest-bearing precious metal.

Dealers are offering discounts of INR 6,000-INR 10,000 per 10 grams, traders said. Physical demand remained mostly subdued as elevated prices and import duties discouraged purchases, leading dealers to offer discounts of up to INR 10,000 per 10 grams, Kumar Jain, spokesperson for the India Bullion and Jewellers Association, said.  End

Edited by Avishek Dutta

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