Gold price today: Uptrend continues, breaking record highs; see 24K, 22K, 18K prices

Gold price today

The spot price of gold, where the physical precious metal is bought and sold for immediate delivery, stood just above $4,494 an ounce on December 24 (9:19 am IST). The price is up 0.19 percent in a day and 3.50 percent in a week.

The domestic futures price of gold on MCX stood at Rs 1,38,325 per 10 grams of 24-Carat purity on Wednesday. The trading in futures involves standardised contracts to buy and sell the precious metal at a predetermined price. Its price is 0.32 percent down from their previous close.

The gold futures price previously peaked on MCX at Rs 1,38,496 as recorded on December 23.

Meanwhile, the rupee stood at 89.461 against the U.S. dollar on Wednesday, representing a 0.05 percent gain in a day and a 1.07 percent decline in a week.

Why are gold prices rising?

The precious metal is on track, making its largest advances since 1979, when it also set a record number of highs. The Augmont Bullion report, released December 23, noted that gold prices surpassed $4,500 (Rs 1,38,000) for the 50th record-breaking session this year due to expectations of looser US monetary policy and rising geopolitical tensions.

“Despite entering overbought territory after the recent sharp rally, the broader trend remains intact. As long as prices sustain above the Rs 1,32,000 zone, gold is likely to retain its bullish bias, with any short-term pullbacks being viewed as corrective rather than trend-reversing." Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

"Gold’s rally to fresh record highs reflects a clear flight to safety as investors grapple with heightened geopolitical risks, sticky inflation concerns, and growing expectations of a shift towards easier US monetary policy in 2026. The move has been further supported by a softer dollar and steady central bank buying," said Rahul Gupta, Chief Business Officer, Ashika Stock Services

Gold prices vary by purity. Check out below to see the prices of gold based on its purity

Source: Goodreturns

City-wise gold prices in India today

Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.

Source: Goodreturns

Outlook: Will gold continue its momentum this week?

"Gold is closing 2025 firmly in macro-hedge territory rather than trading as a conventional commodity despite the Federal Reserve’s recent 25 bps rate cut. The US 10-year yields remain elevated near 4.2 percent, reinforcing the market’s concern over long-term inflation, fiscal sustainability, and rising term premia.

"This yield resilience explains gold’s consolidation rather than a sharp breakout, as investors balance rate relief against structural debt risks. We view pullbacks in gold as accumulation opportunities, while silver offers a higher-beta expression of macro stress heading into 2026," said Justin Khoo, Senior Market Analyst - APAC, VT Market.

The Augmont report further noted that gold broke its previous high of $4,400 after two months of consolidation between $3,935 and $4,400, so this rally is expected to extend further towards $4,575 (Rs 1,40,000) and $5,000 (Rs 1,50,000) in a few weeks.