Gold price today Highlights: Yellow metal headed for best year since 1979, up 65% in 2025

India's total gold demand fell 14% year on year in the first nine months of 2025, with jewellery consumption down 26% to 278 metric tons and investment up 13% to 185 tons, the World Gold Council (WGC) said. Investment made up a record 40% of total demand during the period underscoring gold's enduring role as a store of wealth in Indian households.

The shift toward investment gold and away from jewellery is expected to persist through 2026, as the metal continues to outperform other asset classes, Prithviraj Kothari, president of the India Bullion and Jewellers Association (IBJA), said. "Consumers are purchasing gold in the form of coins, bars, or gold ETFs, assuming that the rally will continue," Kothari added.

In Mumbai, 24K gold was priced at ₹13,588 per gram, while 22K gold traded at ₹12,455. The 18K gold rate stood at ₹10,191 per gram. Prices were largely stable, tracking broader domestic trends without any major % movement.

Gold prices in Chennai remained firm today, with 24K gold quoted at ₹13,691 per gram, while 22K gold stood at ₹12,550. The 18K variant was priced at ₹10,470 per gram. Prices reflect steady demand, with no sharp % swings reported during early trade.

CME Group will raise margins on precious-metal futures for the second time in the space of a week following a volatile period of trading that saw prices spike then retreat.

Margins for gold, silver, platinum and palladium contracts will increase after the close of business on Wednesday, the group said in a statement dated Dec. 30. The decision was made based on a review of “market volatility to ensure adequate collateral coverage,” it said.

Precious metals have been rocked this week in a tumultuous end to a historic year. Silver has been especially volatile, with futures soaring to a record above $82 an ounce early on Monday, followed by a sharp retracement.

The hikes mean that traders need to put up more collateral when they trade precious-metals futures to ensure they can meet their obligations.

Inderbir Singh Jolly, CEO, PL Wealth said: Gold’s performance in 2025 reflects a structural shift in how investors and central banks are positioning portfolios. The rally is not driven by short-term speculation but by sustained investment flows into ETFs, alongside continued central bank buying as part of long-term reserve diversification. Elevated geopolitical risks, stretched equity valuations, rising sovereign debt and currency volatility have reinforced gold’s role as a strategic hedge rather than a tactical trade.

Even as inflation moderates, real yields are expected to remain constrained, which is historically supportive for gold. While some consolidation is natural after a sharp run-up, the medium-term outlook remains positive, with gold continuing to play a critical stabilising role in diversified portfolios heading into 2026.

Gold rate today declined around 1% on MCX on Wednesday on profit booking. MCX gold rate was down a little over 1% or ₹1,550 to ₹1,35,116 per 10 gram.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $4,305 and $4,245, while resistance is at $4,395 and $4,440. In INR, Kalantri said gold has support at ₹1,35,150 and ₹1,33,710 while resistance is at ₹1,38,250 and ₹1,39,670.

Renisha Chainani, Head - Research at Augmont: Gold prices are expected to consolidate in the range of $4320 (~ ₹134,000) and $4420 (~ ₹137,000) after this sharp rally and sell off this week.

Delhi gold rates showed slight variation, with 24K gold at ₹13,603 per gram and 22K gold at ₹12,470. The 18K gold price stood at ₹10,206 per gram. The capital’s rates were marginally higher than Mumbai, reflecting local premiums.

Gold prices in India edged lower today, with 24-karat gold priced at ₹13,588 per gram, down ₹32. 22-karat gold was quoted at ₹12,455 per gram, registering a decline of ₹30.

Meanwhile, 18-karat gold was trading at ₹10,191 per gram, lower by ₹24, as per market data.

Among the variants, 24-carat gold—the purest form—is typically preferred for investment purposes, while 22-carat and 18-carat gold are largely used in jewellery making.

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,340 and $4,300, while resistance is at $4,420 and $4,464 per troy ounce. On the MCX, gold has support at ₹1,35,200 and ₹1,34,000 and resistance is at ₹1,37,700 and ₹1,39,200, said Jain.

"Gold is easing off recent highs, with some profit-taking setting in after the strong year-end rally. The correction does appear more corrective than trend-changing, though, with broader sentiment still underpinned by global uncertainty and expectations for easier monetary conditions," said Aksha Kamboj, Vice President at India Bullion and Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures.

Meanwhile, US gold futures for February dropped over 1% to $4,345 per troy ounce, tracking the dollar's rise against its peers after the minutes of the US Fed's December meeting showed officials remain divided over the magnitude and timing of additional rate cuts.

The primary catalysts driving the rise in gold prices are US Federal Reserve rate cuts and expectations of further rate cuts next year, aggressive central bank buying, heightened geopolitical uncertainties, and robust inflows into exchange-traded funds (ETFs). For silver, additional drivers have been robust industrial demand amid tight supply.

Gold prices dropped by almost 1% in morning trade on the MCX on Wednesday, December 31, due to profit booking at record high levels. MCX gold February futures dropped 0.75% to ₹1,35,644 per 10 grams. Around 9:15 am, MCX gold was 0.63% down at ₹1,35,800 per 10 grams, while MCX silver was down 6.23% at ₹2,35,373 per kg.

Gold has displayed exceptional resilience throughout the year, recording declines of more than 3% on only two occasions-12th May and 29th December 2025. Since October 2023, prices have risen for nine consecutive quarters, and in 2025 alone, 11 out of 12 months closed in positive territory, underscoring the depth and durability of the uptrend.

2025 has been a milestone year for gold, with MCX Gold prices delivering gains of nearly 77%, marking the strongest annual performance since 1979. The rally has been fuelled by trade and tariff uncertainties, geopolitical risks, eroding confidence in the long-term dominance of the US dollar, and a broad shift toward hard assets in an environment of aggressive monetary expansion.

Sugandha Sachdeva, Founder of SS WealthStreet says: From a technical perspective, gold is expected to find strong near-term support around Rs1.29 lakh per 10gm, with major medium-term support placed near Rs1.21 lakh per 10gm. As long as these levels hold, the broader structure remains firmly positive. Looking ahead into 2026, gold prices are seen heading towards the Rs.1.85 lakh–Rs.2.00 lakh per 10gm zone, supported by a confluence of powerful macro tailwinds.

CME Group will raise margins on precious-metal futures for the second time in the space of a week following a volatile period of trading that saw prices spike then retreat.

Margins for gold, silver, platinum and palladium contracts will increase after the close of business on Wednesday, the group said in a statement dated Dec. 30. The decision was made based on a review of “market volatility to ensure adequate collateral coverage,” it said. The hikes will mean that traders need to put up more collateral when they trade precious-metals futures to ensure they can meet their obligations. Earlier, higher margins kicked in from Monday.

Gold of 99.9% purity extended its losses for the second straight day, declining ₹2,800 to ₹1,39,000 per 10 grams (inclusive of all taxes) from the previous close of ₹1,41,800 per 10 grams on Tuesday.

Gold traded lower on Wednesday, but were on track for unprecedented milestones as the year approaches its close, while other precious metals also made impressive gains.

Spot gold was down 0.3% at $4,334.20 per ounce as of 0032 GMT, after hitting a record high of $4,549.71 on Friday. U.S. gold futures for February delivery lost 1% to $4,346.50/oz.

Gold price today LIVE: Multi-Commodity Exchange (MCX) data showed that the gold futures of the February 2026 contract surged 1.26% or ₹1,698 per 10 grams to ₹136,640 per 10 grams during Tuesday's market session, compared to ₹134,942 per 10 grams at the previous market close.

Gold price today LIVE: CME Group's data shows that the Comex gold prices surge 0.95% or $40.40 to $4,384 per troy ounce during Tuesday's trading session, compared to $4,343.60 per troy ounce at the previous market session.

Gold price today LIVE: According to the data collected from the Multi-Commodity Exchange (MCX), gold prices in India surged more than 1% during Tuesday's trading session amid strong buying interest from commodity market investors.

The gold futures for the February 2026 contract were trading 1.08% or ₹1,453 per 10 grams higher at ₹136,395 per 10 grams as of 5:15 p.m. (IST), compared to ₹134,942 per 10 grams at the previous commodity market close, as per the official data.

Gold price today LIVE: Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said that despite the rebound in the gold prices, further upside for the commodity continues to be capped due to heavy profit booking near recent high levels.

The commodity market expert expects the trading range for the gold prices to shift higher around ₹1,32,000–1,38,500 per 10 grams on the Multi-Commodity Exchange (MCX).

“Gold traded positive today with modest gains of around ₹1,200, settling near ₹1,36,100 in MCX. The recovery was supported by Comex gold finding a strong base around the $4,350 level, as market participants positioned ahead of the U.S. Federal Reserve’s meeting minutes due on Wednesday,” said Trivedi.

“While higher margin requirements and cautious positioning are keeping volumes relatively subdued. Overall, gold is expected to remain volatile, with the near-term trading range shifting higher to ₹1,32,000–1,38,500,” said the commodity market expert.

Gold price today LIVE: Multi-Commodity Exchange (MCX) data showed that the gold futures for the February 2026 contract were trading 0.84% or ₹1,137 per 10 grams higher at ₹136,162 per 10 grams as of 2:58 p.m. (IST), compared to ₹134,942 per 10 grams at the previous commodity market close.

Renisha Chainani, Head - Research at Augmont said: Following a meeting between the presidents of the United States and Ukraine at Mar-a-Lago, there was some tentative hope about prospective peace negotiations. However, this cautious optimism was dashed when Russian President Vladimir Putin notified President Donald Trump on Monday that Moscow would reconsider its negotiation position following what the Kremlin described as a Ukrainian drone strike on a Russian presidential palace. This conflicting geopolitical signal added more anxiety to an already tumultuous trading session. Separately, Trump threatened of future strikes against Iran if nuclear development proceeds, while also revealing that the US has hit a drug-related facility in Venezuela.

UBS on Monday raised its gold price outlook, projecting the metal to climb to $5,000 an ounce during the first three quarters of 2026 before easing to around $4,800 an ounce by the end of the year. This marks a sharp upgrade from its earlier forecast of $4,300 an ounce.

The bank expects gold demand to remain firm through 2026, driven by a combination of lower real yields, ongoing global economic uncertainties, and heightened policy-related risks in the United States. UBS flagged concerns around domestic political developments, including the upcoming midterm elections and rising fiscal stress, as key factors likely to sustain investor interest in the yellow metal.

Gold rose on Tuesday, recovering from a sharp selloff in the previous session, as thin year-end trade exacerbated volatility, with traders expecting fundamental drivers to carry precious metals to new highs in 2026.

Spot gold was up 0.7% at $4,361.71 per ounce, as of 0709 GMT, after hitting a record high of $4,549.71 on Friday. It fell to its lowest since December 17 on Monday, marking its sharpest daily percentage loss since October 21.

U.S. gold futures for February delivery were up 0.8% at $4,377.20/oz.

Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $4,305 and $4,245 while resistance is at $4,385 and $4,440. In INR, gold has support at ₹1,33,550 and ₹1,31,710, while resistance is at ₹1,36,850 and ₹1,38,670. .

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,310 and $4,270, while resistance is at $4,380 and $4,420 per troy ounce. On the MCX, Jain said gold has support at ₹1,33,300 and ₹1,31,800 and resistance is at ₹1,36,600 and ₹1,38,000.

"We suggest avoiding fresh positions in both precious metals until the market stabilises in the next one or two trading sessions," said Jain.

Gold prices in Meerut held steady, reflecting stable domestic bullion trends. 24K gold traded around ₹13,939 per gram, while 22K gold stood at ₹12,779. Jewellers reported moderate footfall, with buyers preferring smaller, staggered purchases.

Ayodhya gold prices showed no major movement, with 24K gold priced near ₹13,939 per gram and 22K gold at ₹12,779. The market remained calm, supported by steady local demand and limited impact from short-term global fluctuations.

Ponmudi R, CEO of Enrich Money says: COMEX gold is trading firmer around $4,370–$4,380/oz, rebounding from yesterday’s low near $4,317. Price continues to hold above the 20-day EMA ($4,349) and the rising long-term trendline, with early dip-buying absorbing the impact of the recent bearish engulfing candle.

Importantly, the last 10 sessions remain decisively bullish. The sudden appearance of a single bearish candle has already absorbed nearly a 13% corrective move, indicating short-term profit booking rather than a trend reversal. With overbought conditions now cooled, momentum has room to rebuild. A sustained move above $4,400 can reopen upside targets toward the $4,500–$4,565 record zone. On the downside, $4,300 remains a critical support. A decisive break below $4,300 would confirm the bearish candle and could extend the correction toward $4,250. Overall, the broader structure remains firmly bullish.

Gold recovered in morning trade on the MCX on Tuesday, December 30, after a share single-day drop buoyed by healthy spot market demand and improved buying interest. February gold futures on the MCX were trading 0.54% higher at ₹1,35,668 per 10 grams, reflecting renewed momentum in domestic bullion prices.

Gold prices in Lucknow showed little change today, with 24K gold trading around ₹13,939 per gram and 22K gold at ₹12,779. Buyers remained cautious, focusing on long-term accumulation rather than short-term trading amid ongoing global price consolidation.

Noida gold rates remained flat, in line with NCR trends. 24K gold stood at ₹13,939 per gram, while 22K gold was priced near ₹12,779. Trading volumes stayed light as investors balanced profit booking with safe-haven allocation strategies.

Technical view by Renisha Chainani, Head - Research at Augmont:
Gold has touched the target resistance of $4575 (~ ₹140,000). We can see prices consolidating here after this sharp runup. Bull trend can continue until prices are trading above $4450 (~ ₹136,000).

“The broader trend remains volatile as markets reassess positions after the recent sharp rally. This week, the Federal Reserve’s meeting minutes will be a key trigger, while the U.S. holiday period could keep trading volumes relatively thin. Gold is expected to remain volatile in the range of ₹1,35,000– ₹1,42,000 in the near term,” said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Jaipur’s gold prices stayed steady, mirroring trends across northern India. 24K gold was quoted near ₹13,939 per gram and 22K gold at ₹12,779. Demand from jewellery retailers remained stable, supported by upcoming wedding-related purchases and festive planning.

Gold rates in Ghaziabad moved in line with broader NCR markets. 24K gold traded at approximately ₹13,939 per gram, while 22K gold stood at ₹12,779. Market participants noted stable pricing supported by moderate retail demand and subdued speculative activity.

Mumbai gold prices remained largely unchanged, with 24K gold hovering near ₹13,924 per gram and 22K gold around ₹12,764. The city saw balanced activity, with some profit booking offset by steady wedding-season demand and long-term investment interest.

Gold prices in Delhi showed limited movement, reflecting stable domestic demand. 24K gold was priced around ₹13,939 per gram, while 22K gold traded near ₹12,779. Jewellers reported steady enquiries, though big purchases remained subdued as buyers awaited clearer global direction.

Gold prices across India remained largely steady today as investors tracked global cues and currency movements. 24K gold traded around ₹13,924 per gram, while 22K gold stood near ₹12,764. Buying interest stayed cautious amid year-end positioning and recent price volatility.

Bullion has staged a stellar rally in 2025, climbing 66% so far. Interest rate cuts and bets of further easing by the U.S. Federal Reserve, geopolitical conflicts, robust demand from central banks, and rising holdings in exchange-traded funds have fueled gold's rally this year. Fed funds futures traders are pricing in between two and three 25 basis point cuts next year, with the first cut seen as having roughly 50/50 odds for March.

Gold hovered near a two-week low on Tuesday that it touched in the previous session, as year-end profit-taking caused all precious metals to stage a broad pullback from record highs hit earlier. Spot gold was up 0.4% at $4,347.67 per ounce, as of 0145 GMT, after hitting a record high of $4,549.71 on Friday. It fell to its lowest since December 17 on Monday, also its sharpest daily loss since October 21.