Gold and silver prices surged sharply on Monday, December 22, touching fresh record highs globally and triggering a strong rally in India’s commodity derivatives market. The move was driven by renewed expectations of US Federal Reserve rate cuts in early 2026, sustained safe-haven demand, and tightening supply narratives—particularly for silver—as investors rotate into hard assets ahead of year-end.
MCX gold and silver prices today
India’s Multi Commodity Exchange (MCX) opened the week on a strong note, tracking the global rally.
MCX Gold (February futures) climbed 0.77% to around Rs 1,35,224 per 10 grams in early trade.
MCX Silver (March futures) jumped 2.39% to about Rs 2,13,412 per kg, after touching a fresh intraday record high of Rs 2,13,844 per kg.
The sharp upside reflected strong global cues as well as continued investor interest in precious metals within the domestic market.
Global prices set new all-time highs
The rally was even more pronounced in international markets.
Spot gold surged to a new all-time high in the range of $4,384 to $4,392 per ounce.
Spot silver touched a historic peak near $69.23 per ounce, extending its powerful year-long rally.
Both metals have significantly outperformed traditional asset classes in 2025, reinforcing their status as preferred hedges during periods of uncertainty.
Why gold and silver are rising today
Several key factors are supporting the surge in precious metal prices.
Renewed Fed rate-cut expectations
Markets are increasingly pricing in further US rate cuts from January onward. Lower interest rates reduce the opportunity cost of holding non-yielding assets such as gold and silver, making them more attractive to investors.
Persistent safe-haven demand
Ongoing geopolitical and trade-related uncertainties continue to underpin demand for gold as a defensive asset. Market participants remain cautious heading into the new year, keeping safe-haven flows elevated.
Strong central bank buying and record yearly gains
Gold’s performance in 2025 has been exceptional, with the metal gaining around 67% so far this year—its strongest annual rise since 1979. Silver has outperformed even gold, rising about 138% year-to-date, supported by both investment and industrial demand.
Silver-specific tailwinds
Silver’s rally is not merely following gold. Tight supply conditions, robust investment inflows, and growing industrial usage have helped push silver to record levels, amplifying its gains relative to gold.
Gold rates in India today: city-wise check
Retail gold prices across major Indian cities also moved higher on December 22. Rates may vary depending on jeweller margins and local taxes, but indicative benchmarks showed the following levels per 10 grams.
Delhi: 24K Rs 1,35,430 | 22K Rs 1,24,050 | 18K Rs 1,01,610
Mumbai: 24K Rs 1,35,280 | 22K Rs 1,24,000 | 18K Rs 1,01,460
Chennai: 24K Rs 1,36,150 | 22K Rs 1,24,800 | 18K Rs 1,04,200
Kolkata: 24K Rs 1,35,280 | 22K Rs 1,24,000 | 18K Rs 1,01,460
Notably, gold prices in Delhi had remained flat over December 20 and 21 before registering a sharp jump on Monday, reflecting strong post-weekend buying.
Silver prices in India today
Silver prices also rallied across physical markets.
Delhi: Rs 2,19,000 per kg
Mumbai: Rs 2,19,000 per kg
Chennai: Rs 2,31,000 per kg
However, reports from physical markets indicated some profit-taking after the record run, highlighting the elevated volatility even within a strong bullish trend.
Market outlook
With Fed policy expectations, central bank buying, and safe-haven demand aligning, precious metals remain firmly in focus. While short-term volatility cannot be ruled out after such sharp gains, gold and silver continue to attract attention as investors navigate an uncertain global macro environment.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Commodity and precious metal prices are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
