Spot gold opens lower amid growing expectation of US Fed interest-rate hikes
This story was originally published at 15:19 IST on 23 June 2026
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By Taniva Singha Roy
MUMBAI – The all India average spot gold price opened lower Tuesday tracking futures on the Multi Commodity Exchange of India and COMEX, amid growing expectations of interest-rate hikes by the US Federal Reserve. The US and Iran are currently in a 60-day ceasefire period that was formalised through a signed memorandum of understanding to negotiate a permanent end to the war. This has reduced the safe-haven appeal of gold, traders said.
The first round of talks between high-ranking US and Iranian officials in Switzerland ended Monday, with an Iranian foreign ministry spokesperson saying good progress has been made, Reuters reported, citing Iran's Press TV. A joint statement from mediating nations Qatar and Pakistan said the US and Iran agreed to a road map towards a final deal within 60 days.
The all India average price of gold of 99.9% purity opened at INR 144,788 per 10 grams, down from Monday's close of INR 147,310 per 10 grams. In Mumbai, spot gold opened at INR 147,500 per 10 grams. Dealers are offering a discount of INR 1,300 per 10 grams, traders said.
"Demand for gold in the spot markets is subdued at the moment but is expected to increase during the Diwali festivals," Kumar Jain, spokesperson for the India Bullion and Jewellers Association said. "Physical demand remained weak across major consuming regions. India's gold imports plunged nearly 70% after import duties were raised to 15%," Amit Gupta, a senior analyst at Kedia Advisory, said in a note. End
Edited by Akul Nishant Akhoury
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