Spot gold opens down Monday on lower demand; weak rupee weighs
This story was originally published at 14:45 IST on 6 July 2026
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By Abhijit Doshi
MUMBAI – Prices of gold fell marginally in India's spot market Monday due to weak demand at higher prices, market participants said. Futures contracts of gold on MCX were also down.
The all-India average spot price of gold of 99.9% purity opened at INR 146,107 per 10 grams, down from Friday's close of INR 146,344 per 10 grams.
In Mumbai, spot gold opened at INR 144,500 per 10 grams. Some jewellers were offering a discount of around INR 500 per 10 gm, they said. Market activity was somewhat thin due to heavy rains in the city, traders said.
At 1402 IST, the August contract of gold was trading at INR 147,035 per 10 gm, down 0.2% from the previous day's close. On COMEX, the same month contract was nearly 1% higher at $4,166.5 per ounce. A weaker rupee curtailed demand for gold in India, traders said.
Gold futures on the COMEX rose Monday as the prospects of higher interest rates in the US in the immediate future were seen weakening. Recent data showed US jobs growth slowed sharply in June, while payroll gains for the prior two months were revised lower, pointing to a cooling labour market. End
US$1 = INR 95.43
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Himanshi Gupta
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