Spot gold opens up as higher duties reduce import of precious metal
This story was originally published at 15:41 IST on 29 June 2026
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MUMBAI – Average spot gold prices in India opened higher on Monday despite prices in the derivatives market going down because of lower supply of the yellow metal, trade sources said.
Gold of 99.9% purity opened at INR 141,911 per 10 grams, up from Friday's close of INR 139,873 per 10 grams. In Mumbai, spot gold opened at INR 142,450 per 10 grams. Dealers are offering a discount of INR 1,500 per 10 grams, Kumar Jain, spokesperson for the India Bullion and Jewellers Association, said.
Gold imports are declining following government measures, traders said. In May, the government raised duty on import of gold to 15% from 6% earlier to discourage import of the precious metals, thereby reducing the outflow of foreign exchange.
India's gold imports plunged nearly 70% after import duties were raised to 15%, Amit Gupta, a senior analyst at Kedia Advisory, had said in a note. End
Reported by Abhijit Doshi
Edited by Himanshi Gupta
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