Spot gold prices open down on rate hike expectations post US employment data
This story was originally published at 14:10 IST on 8 June 2026
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By Taniva Singha Roy
MUMBAI – The all-India average spot gold price opened lower on Monday, tracking futures on the Multi Commodity Exchange of India and the COMEX as a stronger than expected US employment report reinforced expectations of tighter monetary policy. The US economy added 172,000 jobs in May against market expectations of 85,000. Following the data, expectations of a Federal Reserve rate hike later this year increased, which weighed on prices of the yellow metal, Amit Gupta, analyst at Kedia Advisory said in a note.
Meanwhile, investment demand weakened during May, Gupta said. According to the World Gold Council, global physical gold exchange traded funds recorded net outflows of $2 billion, led by Asia and North America, reducing total assets under management by 2% to $604 billion.
Gold of 99.9% purity opened at INR 150,768 per 10 grams, down from Friday's closing price of INR 154,238 per 10 grams.
In Mumbai, spot gold opened at INR 150,225 per 10 grams and dealers were offering a discount of approximately INR 3,600 per 10 grams, said Nitin Kedia, national general secretary of All India Jewellers & Goldsmith Federation, said. "The discount usually narrows when prices fall but as the demand was subdued in the domestic market, traders gave good discounts," he said.
"The wedding season is drawing to a close. Retail demand continues to moderate, and jewellery stores are reporting lower footfall across the country," Reuters quoted a Mumbai-based bullion dealer with a private bank, as saying. However, demand is likely to increase after Jun 16, after the Purushottam month ends, Kedia said. Purushottam month, is an extra lunar month added to the Hindu calendar every two and a half to three years, when people avoid buying gold and ornaments. End
Edited by Avishek Dutta
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