Spot gold price up; jewellers continue to offer discounts on higher rates
This story was originally published at 14:55 IST on 9 July 2026
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By Abhijit Doshi
MUMBAI – The all-India average spot price of gold of 99.9% purity opened at INR 143,372 per 10 grams, up from Wednesday's close of INR 142,350 per 10 grams. This includes a discount of INR 5,000 per 10 grams offered by jewellers at higher prices, market sources said.
On MCX, the futures prices of gold were running higher from the previous close. At 1418 IST, the August futures contract was at INR 144,695 per 10 grams, up 0.7%. The MCX spot rate was INR 143,762. On COMEX, the same month contract was being quoted at $4,119 per ounce, up 0.9%.
The futures contracts on the domestic and global bourses were down earlier in the day following additional US strikes against Iran in response to Iran's earlier attacks on vessels navigating through the Strait of Hormuz. US President Donald Trump said in Ankara, Turkiye, that he considers the ceasefire with Iran to be over, while threatening to reimpose a blockade on Iranian seaports. These developments caused oil prices to rise significantly, leading to fears of inflation and higher interest rates.
However, the market reversed direction later because of the weak dollar. "Gold prices rose on Thursday, after hovering near a near one-week low earlier in the session, as a weaker dollar countered pressure from renewed U.S.-Iran hostilities that prompted concerns about inflation and higher-for-longer interest rates," Reuters said in a report.
The dollar weakened after the minutes of the US Federal Open Market Committee's meeting in June indicated that the US central bank may not raise interest rates soon, market sources said. End
US$1 = INR 95.41
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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