The price of gold is inching towards an all-time high. The price stood just above $4,271 an ounce on December 12 (8:30 am IST) on the spot market, where the physical yellow metal is bought and sold for immediate delivery.
The domestic gold futures price opened the Friday trade on MCX at Rs 1,32,486 per 10 grams of 24-Carat purity on the futures market, where trading involves standardized contracts to buy and sell the precious metal at a predetermined price. Though the morning trade saw the precious metal dip to Rs 1,32,275, it quickly recovered to Rs 1,32,676 (11:52 a.m), up 0.16% from the previous close.
Gold, which hit the performance peak in India during the festive season at Rs 1,35,024 on October 17, largely over the US tariff impact, gained 1.77 percent in a week and 1.73 percent in a month.
Notably, the sale of gold dropped 35 percent YoY in November 2025, and analysts pinned “higher prices” as the reason for the decline in sales.
With the US Fed cutting the lending rate by 25 basis points (bps), analysts say that traders typically choose to buy or invest in assets like gold when interest rates are cut, as the value of cash stored in a bank or even buying a short-term bond falls.
The rupee stood at 90.490 against the U.S. dollar, which is a 0.29% gain in one day.
Gold prices vary by purity. Check out below to see the prices of gold based on its purity.
| Gold Type | Price (₹) |
|---|---|
| 10 Grams of 24K Purity | 1,30,740 |
| 10 Grams of 22K Purity | 1,19,850 |
| 10 Grams of 18K Purity | 98,060 |
| Source: Goodreturns |
Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.
| City | 24K (per gram) | 22K (per gram) | 18K (per gram) |
|---|---|---|---|
| Chennai | 13,146 | 12,050 | 10,045 |
| Mumbai | 13,075 | 11,985 | 9,806 |
| Delhi | 13,090 | 12,000 | 9,821 |
| Kolkata | 13,075 | 11,985 | 9,806 |
| Bangalore | 13,075 | 11,985 | 9,806 |
| Hyderabad | 13,075 | 11,985 | 9,806 |
| Kerala | 13,075 | 11,985 | 9,806 |
| Pune | 13,075 | 11,985 | 9,806 |
| Vadodara | 13,080 | 11,990 | 9,811 |
| Ahmedabad | 13,080 | 11,990 | 9,811 |
| Source: Goodreturns |
The Augmont Bullion report published on December 12 noted that Gold and silver skyrocketed even though the Fed has turned dovish and hinted at a lower rate reduction in 2026. The yellow metal has touched the upper side of the range of $4,300. We can see some profit booking, selling on rallies.
Outlook: Will gold continue momentum this week?
Gold continues to trade steadily as it inches toward its all-time high on domestic as well as on COMEX, largely over the cautious cut by the US central bank. Furthermore, the US job and inflation data for November will be released next week, followed by a detailed economic growth report for Q3, which is expected to determine its future trajectory.
The Augmont report stated that positive events related to the Ukraine peace deal may limit the bullion price's upside.
"The Federal Reserve dropped interest rates for the third time in a row on Wednesday, and officials hinted at a possible pause in additional cuts as they examine labour market conditions and inflation, which remains somewhat elevated.
"Chair Powell stated that future rate hikes are virtually out of the question, forcing markets to price in two cuts in 2026, despite the Fed's projections of only one. At the same time, the Fed said that it will buy approximately $40 billion in short-term Treasury bills to relieve money market stress, a move that is likely to contain short-term yields and bolster precious metals," the report added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
