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Informist, Thursday, Jun. 18, 2026

By Reshma Ravi 

MUMBAI – Average spot gold prices in India opened lower on Thursday, tracking futures on the Multi Commodity Exchange of India and the COMEX, as the US Federal Reserve officials signalled an interest rate hike by the end of the year. Gold of 99.9% purity opened at INR 149,332 per 10 grams, down from Wednesday's close of 150,148 per 10 grams. In Mumbai, spot gold opened at INR 149,398 per 10 grams. Dealers are offering discounts of INR 1,000 per 10 grams. 

Nine of the US central bank's 19 policymakers now believe they will need to raise the policy rate this year, according to projections published on Wednesday, after the Fed announced its decision to leave the policy rate in its current 3.50-3.75% range in Kevin Warsh's debut policy meeting as Chair. "...prices may dip as US Federal Reserve held interest rate steady and signalled 1 rate hike by the end of the year. Half of the FOMC members indicated that it may be necessary to raise rates this year, signalling growing concerns about inflation above central bank's target," ICICI Direct said in a report.  

However, the fall in prices is likely to be limited as the US and Iran peace deal could support prices at lower levels, said Nitin Kedia, national general secretary of the All-India Jewellers & Goldsmith Federation. The US and Iran have signed a memorandum of understanding aimed at ending the war. US President Donald Trump signed the agreement on the sidelines of the G7 summit in Versailles, while Iran signed the memorandum of understanding remotely, according to media reports. As a first step under the agreement, Iran will immediately reopen the Strait of Hormuz, while the US will lift its naval blockade on Iranian ports.  

Meanwhile, in India, "jewellery demand improved modestly as softer prices encouraged buying, although overall retail confidence remained subdued," Kedia Advisory said in a note.  End

Edited by Akul Nishant Akhoury

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