New Delhi — December 23, 2025: Gold and silver extended their relentless 2025 surge on Tuesday, setting new all-time highs in both global and Indian markets. In India, the rally pushed MCX gold (February futures) to around ₹1,38,381 per 10 grams and MCX silver to about ₹2,16,596 per kg, underscoring how quickly prices are repricing amid global risk, expectations of easier US monetary policy, and a supply-demand squeeze—especially in silver. [1]
Across international markets, bullion surged as investors leaned into safe-haven assets. Spot gold hit a fresh record near $4,497.55/oz, while spot silver pushed decisively above $70/oz, printing new highs around $71.49/oz during the session. [2]
What happened in India on December 23: record highs on MCX and surging spot rates
Indian markets tracked the global bullion sprint higher, with both metals notching fresh lifetime highs for a second straight session.
- MCX Gold (Feb futures): touched about ₹1,38,381 per 10 grams (up roughly ₹1,600–₹1,637 in the session, depending on the time snapshot). [3]
- MCX Silver: hit about ₹2,16,596 per kg at the day’s peak. [4]
Meanwhile, spot benchmarks also climbed. The India Bullion and Jewellers Association (IBJA) indicated that spot prices were elevated, with 24K gold quoted around ₹1,36,133 per 10 grams in the morning update, while silver (999) was around ₹2,09,250 per kg—and rates moved higher later in the day across reports. [5]
Why your city’s price may look even higher than MCX or IBJA
If you saw gold quoted near ₹1.40 lakh per 10 grams in local bullion markets, you weren’t alone. Reports from major cities showed tax-inclusive or local-market prices spiking beyond headline spot benchmarks:
- Delhi bullion market (sarafa): gold around ₹1,40,850 per 10 grams; silver around ₹2,17,250 per kg (tax-inclusive figures cited). [6]
- Ahmedabad: gold of 99.9% purity around ₹1,40,500 per 10 grams, with silver around ₹2,18,000 per kg (inclusive of taxes), reflecting the extreme 2025 run-up and local pricing. [7]
This gap between MCX futures, IBJA spot, and city bullion/jeweller quotes is normal—driven by GST/taxes, local premia, logistics, and jeweller margins.
The big story: silver is no longer “the cheaper cousin” of gold in 2025
Gold is rallying hard—but silver has been the breakout metal of 2025.
Indian outlets and market commentary repeatedly pointed to silver’s extraordinary performance, with many citing triple-digit year-to-date gains and calling it one of the most outsized returns across mainstream asset classes this year. [8]
Globally, Reuters described silver’s run as being rooted in a market that has been in deficit for years, amplified by industrial demand, safe-haven buying, and a weaker dollar. [9]
In India, the day’s record ₹2.16 lakh/kg print on MCX became a headline in itself—especially as the metal has remained volatile but strongly bid into year-end. [10]
What’s driving gold and silver to record highs: the forces behind the surge
A single factor rarely drives a record-breaking move—this is a stacked rally. Based on reporting across Indian business desks and global market coverage, at least five powerful themes are working together:
1) Safe-haven demand is back in force
As geopolitical uncertainty intensified, investors rotated toward “crisis hedges” like gold and, increasingly, silver. Reuters tied the latest burst of demand to renewed geopolitical stress, including tensions linked to Venezuela. [11]
2) The US dollar weakened, making metals more attractive globally
A softer dollar typically supports dollar-priced commodities, especially gold and silver. Reuters explicitly pointed to the dollar’s decline as a tailwind, while Indian coverage also noted that a falling dollar can make gold cheaper for non-US buyers and lift global demand. [12]
3) Markets are leaning into expectations of easier US monetary policy
Rate-cut expectations matter because gold and silver are non-yielding assets: when yields fall (or are expected to fall), the “opportunity cost” of holding bullion drops. Multiple reports highlighted growing bets on US rate cuts in 2026 as a key driver of the latest leg higher. [13]
4) Central bank buying remains a structural tailwind for gold
Beyond day-to-day trading flows, sustained official-sector demand has helped keep gold supported on dips. Market reporting described ongoing central bank buying as part of the bullish backdrop. [14]
5) Silver’s supply-demand crunch is becoming harder to ignore
Silver is not only a precious metal—it’s a critical industrial input. Coverage repeatedly pointed to demand from high-growth sectors such as solar, EVs, electronics, and clean energy, while also noting multi-year supply deficits and tightening inventories. [15]
That mix creates a powerful narrative: gold is the hedge, silver is the hedge plus industrial scarcity trade—and 2025 rewarded that combination.
“Gold rate today” vs “MCX gold”: how to read the numbers without confusion
If you’re tracking gold price today and seeing multiple prices at once, here’s the clean way to interpret them:
- MCX prices are futures (contract-based), and can trade at a premium/discount to spot depending on positioning, carry costs, and expectations. [16]
- IBJA rates are widely referenced as a spot benchmark in India, and Indian reporting notes these rates are broadly applicable nationwide—but do not include GST, which is why your final bill at a jeweller will be higher. [17]
- City bullion market/jeweller quotes can include taxes, plus making charges (for jewellery), and can differ by location and seller—especially during high-volatility weeks. [18]
For consumers, the most practical takeaway is simple: use MCX to gauge market direction, IBJA to track spot, and your local jeweller quote to estimate your out-the-door cost.
What it means for jewellery buyers: demand cools, lower-karat interest rises
Record highs are great headlines—but they don’t always translate into booming retail demand.
In Ahmedabad, jewellers described muted buying despite the rally, with purchases largely limited to wedding needs. They also reported a growing preference for 14K or 18K jewellery at these elevated levels, and more transactions happening via exchange of old gold rather than fresh cash buying. [19]
This shift is significant for the broader market: when prices rise too fast, consumers often adapt by:
- choosing lower karatage,
- buying lighter designs, or
- delaying discretionary purchases until volatility eases.
Where do gold and silver go from here?
With prices at records, investors and buyers are now watching for what could shape the next move:
- Year-end liquidity and profit-taking: Reuters warned that even in a strong trend, profit-taking and thin holiday trading can trigger pullbacks. [20]
- Key US data releases: Analysts cited upcoming US indicators (including inflation and jobs-related data) as potential catalysts that could reinforce—or challenge—rate-cut expectations. [21]
- Geopolitical headlines: The latest rally has been sensitive to geopolitical risk signals; any escalation—or easing—can quickly shift risk appetite. [22]
Bottom line
On December 23, 2025, gold and silver didn’t just rise—they re-wrote the record books again, in India and globally. MCX gold crossing ₹1.38 lakh/10g and silver moving beyond ₹2.16 lakh/kg reflects a rare convergence of forces: geopolitical uncertainty, a softer dollar, expectations of easier US policy ahead, central bank support for gold, and an increasingly compelling industrial-scarcity story for silver. [23]
If this momentum holds into year-end, the next phase won’t be about whether prices are high—they already are. It will be about whether the drivers stay strong enough to keep records falling, or whether profit-taking finally delivers a meaningful cooldown. [24]
References
1. www.aajtak.in, 2. www.reuters.com, 3. www.aajtak.in, 4. www.aajtak.in, 5. www.aajtak.in, 6. navbharattimes.indiatimes.com, 7. timesofindia.indiatimes.com, 8. www.aajtak.in, 9. www.reuters.com, 10. www.livemint.com, 11. www.reuters.com, 12. www.reuters.com, 13. timesofindia.indiatimes.com, 14. www.livemint.com, 15. www.jagran.com, 16. www.livemint.com, 17. www.aajtak.in, 18. timesofindia.indiatimes.com, 19. timesofindia.indiatimes.com, 20. www.reuters.com, 21. www.moneycontrol.com, 22. www.reuters.com, 23. www.aajtak.in, 24. www.reuters.com
