All India spot gold prices open tad higher, Fed rate hike view may cap gains
This story was originally published at 15:07 IST on 9 June 2026
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MUMBAI – The all-India average spot gold price opened slightly higher as demand improved at lower rates, traders said. Gold of 99.9% purity opened at INR 152,584 per 10 grams, against Monday's closing price of INR 151,489 per 10 grams.
However, gains could be capped as gold futures on the Multi Commodity Exchange of India and the COMEX fell amid growing concerns that the US Federal Reserve may raise interest rates further as inflationary pressures remain elevated.
Market sentiment was also influenced by renewed geopolitical tensions in the Gulf region, which pushed crude oil prices higher and reinforced worries about inflation. Comments by Cleveland Fed President Beth Hammack highlighted that the US labour market remains near full employment, while persistent inflation may warrant tighter monetary policy, Amit Gupta, analyst at Kedia Advisory said in a note. "Supporting this view, the US economy recorded a third consecutive month of robust job growth in May, providing the Federal Reserve with greater flexibility to maintain a hawkish stance," he said.
Meanwhile, in Mumbai, spot gold opened at INR 148,600 per 10 grams and dealers were offering a discount of about INR 5,000 per 10 grams, said Kumar Jain, spokesperson for the India Bullion and Jewellers Association. "The discount was wide as demand is limited at this time," he said.
Demand is likely to increase after Jun. 16, once the Purushottam month ends, Nitin Kedia, national general secretary of All India Jewellers & Goldsmith Federation, 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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