Gold prices in India have scaled a historic peak, reflecting robust investor appetite for the safe-haven asset. On Friday, December 28, 2025, futures contracts for the precious metal on the Multi Commodity Exchange (MCX) soared to an unprecedented high of ₹1,40,465 per 10 grams. This rally is primarily fueled by strong safe-haven demand and market anticipation regarding the US Federal Reserve's monetary policy direction in January 2025.
Market Performance and Expert Outlook
The February 2026 gold futures contract on MCX concluded the session with modest gains. It settled at ₹1,39,940 per 10 grams, marking an increase of ₹67 or 0.05% from Wednesday's closing level of ₹1,39,873. Analysts observe that the bullish momentum remains firmly in place.
Ponmudi R, CEO of Enrich Money, provided a detailed technical and fundamental perspective. "MCX Gold futures closed firmly at ₹1,39,940 per 10 grams, extending the record rally as safe-haven demand and sustained investment flows remained strong," he stated. He highlighted that the price action continues to respect a rising chart pattern, with every minor decline attracting fresh buying interest, which underscores the trend's strength.
According to his analysis, a strong support zone exists between ₹1,37,000 and ₹1,35,000, which should limit any near-term price corrections. Ponmudi added that a decisive break above the ₹1,40,000 level could trigger a further upward move towards ₹1,42,000–₹1,45,000. This potential ascent is expected to be supported by favorable rupee dynamics and ongoing global economic uncertainties, confirming that the structural bull market for gold is intact.
Gold Prices Across Major Indian Cities
According to data from India Bullions, the spot price for 24-karat gold in India was ₹139,800 per 10 grams as of 9:17 AM IST on December 28, 2025. The price for 22-karat gold stood at ₹128,150 per 10 grams at the same time.
It is crucial for buyers to note that the retail prices at jewellery stores will be higher than these benchmark rates. Jewellers add making charges, applicable taxes, and GST to the final billing amount. Below is a snapshot of gold prices in key metropolitan cities across the country on December 28.
City-Wise Breakdown (Per 10 Grams)
Delhi: 24K - ₹139,800 | 22K - ₹128,150
Mumbai: 24K - ₹140,040 | 22K - ₹128,370
Kolkata: 24K - ₹139,860 | 22K - ₹128,205
Ahmedabad: 24K - ₹140,230 | 22K - ₹128,544
Bengaluru: 24K - ₹140,150 | 22K - ₹128,471
Hyderabad: 24K - ₹140,260 | 22K - ₹128,572
Chennai: 24K - ₹140,450 | 22K - ₹128,746
Implications for Investors
The relentless surge in gold prices highlights its role as a preferred asset during times of economic flux. The dual drivers of global policy uncertainty and consistent investment inflows are creating a solid floor for prices. While the short-term trajectory suggests potential for further gains, especially if the ₹1,40,000 resistance is convincingly breached, investors are advised to remain cognizant of the strong support levels mentioned by experts.
The record-breaking move also raises questions about affordability and demand in the physical jewellery market, which may see an impact if prices continue to climb sharply. For market participants, the current environment underscores the importance of gold in a diversified portfolio, albeit with an understanding of its volatility.
Disclaimer: This information is for educational purposes only. Investors are strongly recommended to consult with certified financial experts before making any investment decisions.
