Spot price of gold up, jewellers offer discount to sustain demand
This story was originally published at 14:58 IST on 8 July 2026
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By Abhijit Doshi
MUMBAI – The quoted price of gold in India rose to INR 144,260 per 10 grams for 99.9% purity from INR 144,083 per 10 grams at close Tuesday. Jewellers were offering a discount of about INR 4,000 per 10 grams, bringing the effective price to INR 141,000 per 10 grams, traders said.
On MCX, the August futures contract opened at INR 145,200 per 10 grams, down from INR 145,392 at previous day's close. At 1414 IST, the contract was trading at 143,340 per 10 grams.
On COMEX, the same-month contract opened lower at $4,128.6 per ounce, and was currently trading at $4,093.3 per ounce.
Global prices of gold were lower from the previous day as escalation in tensions between the US and Iran stoked inflation fears and lifted the dollar. Iran's Revolutionary Guards said it had targeted US military sites in Bahrain and Kuwait on Wednesday after the US launched a wave of military strikes on Iran in response to attacks on tankers in the Strait of Hormuz. It also said it had shot down a US drone attempting to interfere in the operation.
The escalation pushed up crude oil prices, leading to fears of inflation and a consequent rise in interest rates, raising the opportunity cost of holding gold which is a non-interest bearing investment. End
US$1 = INR 95.58
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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