Precious metals maintained their powerful upward momentum on Friday, with both gold and silver achieving unprecedented price levels in markets across India and globally. This sustained rally was fueled by strong international trends and unwavering demand from investors.
Domestic Markets Scale New Peaks
On the Multi Commodity Exchange (MCX), the benchmark for India, gold prices shattered a significant psychological barrier. For the first time ever, gold crossed the Rs 1.39 lakh mark per 10 grams. Specifically, gold futures contracts for February delivery climbed for the fourth consecutive session. They gained Rs 1,119, or 0.81%, to settle at a fresh lifetime high of Rs 1,39,216 per 10 grams.
The rally in silver was even more spectacular, extending its blistering run for a fifth straight day. Silver futures for the March 2026 contract skyrocketed by Rs 8,951, translating to a 4% jump, to reach an all-time high of Rs 2,32,741 per kilogram. Since December 18, the white metal has soared by Rs 29,176, which is an increase of over 14%. It is noteworthy that domestic commodity markets remained closed on Thursday for the Christmas holiday.
Global Bullion Markets Also on Fire
The surge was not confined to India. International bullion markets witnessed equally dramatic moves. On the COMEX division in New York, silver prices jumped 3.6% to $74.56 per ounce after momentarily touching a historic peak of $75.14. Spot gold prices rose 0.6% to $4,504.79 per ounce by 0423 GMT, after earlier in the trading session scaling a record high of $4,530.60.
City-Wise Gold Prices in India
Here is a snapshot of how gold was trading in major Indian cities on Friday, reflecting the broad-based increase:
Delhi: 24-carat gold was priced at Rs 14,017 per gram, while 22-carat gold stood at Rs 12,850 per gram. The 18-carat variant was selling at Rs 10,517 per gram.
Hyderabad: The gold rate for 24-carat purity was Rs 14,002 per gram. The 22-carat variety cost Rs 12,835 per gram, and 18-carat gold was priced at Rs 10,502 per gram.
Mumbai: Prices here were aligned with Hyderabad, with 24-carat gold trading at Rs 14,002 per gram. The 22-carat version was at Rs 12,835 per gram, and 18-carat at Rs 10,502 per gram.
Kolkata: The city's gold rates mirrored those in Mumbai and Hyderabad. The price of 24-carat gold stood at Rs 14,002 per gram, 22-carat at Rs 12,835 per gram, and 18-carat at Rs 10,502 per gram.
Chennai: The southern metro saw slightly elevated prices. 24-carat gold traded at Rs 14,062 per gram. The 22-carat gold rate was Rs 12,890 per gram, while 18-carat gold was selling at Rs 10,760 per gram.
Ahmedabad: In Gujarat's capital, 24-carat gold was priced at Rs 14,007 per gram. The 22-carat variant cost Rs 12,840 per gram, and 18-carat gold was available at Rs 10,507 per gram.
Bengaluru: The city's gold prices were similar to Mumbai and Hyderabad, with 24-carat gold at Rs 14,002 per gram, 22-carat gold at Rs 12,835 per gram, and 18-carat gold retailing at Rs 10,502 per gram.
The simultaneous record-setting in both domestic and international markets underscores a robust bullish sentiment for precious metals, driven by a combination of macroeconomic factors and safe-haven demand. Investors and consumers alike are closely watching to see if this record-breaking trend will sustain in the coming sessions.
