Spot gold opens lower tracking futures on hawkish US Fed signals
This story was originally published at 13:44 IST on 19 June 2026
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By Reshma Ravi
MUMBAI – Average spot gold prices in India opened lower on Friday, tracking futures on the Multi Commodity Exchange of India and COMEX, as market sentiment was hurt by hawkish signals from the US Federal Reserve. Gold of 99.9% purity opened at INR 144,941 per 10 grams, down from Thursday's close of 148,093 per 10 grams. In Mumbai, spot gold opened at INR 145,185 per 10 grams.
"The Fed kept interest rates unchanged but signalled growing support for future rate hikes, with nearly half of FOMC (Federal Open Market Committee) members projecting at least one rate increase in 2026," Kedia Advisory said in a note. Nine of the US central bank's 19 policymakers believe they will need to raise the policy rate this year. That would be in line with several global central banks either raising borrowing costs or signalling moves to tame West Asian war-induced inflationary pressure.
Domestic gold prices have eased nearly 4% in the first half of June on subdued demand, but have risen over 13% from January levels amid an import duty hike and a weak rupee, according to Kavita Chacko, research head, India, at the World Gold Council. India raised import duty on gold and silver to 15% from 6% on May 13 to reduce the country's import bill and save foreign exchange.
Meanwhile, jewellers' discounts have retreated in June from the deep discounts offered after New Delhi hiked import duty in May, it added. Dealers are offering a discount ranging from INR 800 to INR 2,000 per 10 grams, traders said. End
Edited by Avishek Dutta
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