Spot gold opens lower on US Fed rate hike prospects, US-Iran talks
This story was originally published at 14:12 IST on 24 June 2026
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By Reshma Ravi
MUMBAI – Average spot gold prices in India opened lower on Wednesday, tracking futures on the Multi Commodity Exchange of India and COMEX, due to rising bets of rate hikes by the US Federal Reserve, while investors assessed conflicting signals on US-Iran peace talks. Gold of 99.9% purity opened at INR 143,890 per 10 grams, down from Tuesday's close of INR 144,995 per 10 grams. In Mumbai, spot gold opened at INR 145,081 per 10 grams. Dealers are offering a discount of INR 1,200 per 10 grams, traders said.
On Tuesday, US President Donald Trump said Iran had agreed to nuclear inspections into "infinity," while Tehran said it had no such concession in negotiations, raising questions about the viability of their fragile peace deal. The two sides also disagreed on the details of a provision that would allow Iran access to funds frozen in overseas accounts.
"...growing expectations of tighter monetary policy from the US Federal Reserve. Market sentiment turned bearish after nearly half of Fed officials projected at least one rate hike this year, while CME FedWatch data showed the probability of a September rate increase rising sharply to around 69% from 29% a week earlier," analysts at Kedia Advisory said in a note. Typically, higher interest rates dim the appeal of the non-interest-bearing precious metal. Market participants now await US Personal Consumption Expenditures data, the Fed's preferred inflation gauge, due on Thursday, for further cues on monetary policy.
"Physical demand remained weak across key consuming regions. India's gold imports have plunged nearly 70% since import duties were increased to 15%," analysts said. End
Edited by Avishek Dutta
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